The Islamabad Chamber of Commerce and Industry (ICCI) and the Islamabad Chamber of Small Traders and Small Industries (ICSTSI) have urged the government to concentrate on improving business environment to stimulate the economy.

ICCI President Ahsan Zafar Bakhtawari, who visited the ICSTSI to talk about issues of mutual interest, said that small businesses play an important role in promoting economic activities and the government should allot plots to chambers of small traders and small industries. This will help these institutions play a more effective role in promoting small businesses, which will facilitate the growth of new startups, enhance exports, generate jobs, and help revive the economy, he added.

He stressed that the government needs to increase small businesses' share of total private sector credit so that these businesses can play an enhanced role in the economic development of the country. He claimed that small businesses are having significant difficulties obtaining loans from banks due to high transaction costs and strict collateral requirements.

In order to support the greater growth of small businesses and traders, he guaranteed that the ICCI will work with the ICSTSI to find solutions to their major problems.

Islamabad Chamber of Small Traders and Small Industries President Sajjad Sarwar said that small businesses are important to the economy and encouraged the government to concentrate on fixing their major problems to ensure their better development.

He also stated that the Pakistani economy is going through a challenging phase and emphasised that the government's main focus should be to promote the ease of doing business in order to boost the economy.

According to Sajjad Sarwar, close communication and collaboration between the ICCI and ICSTSI would be extremely beneficial in furthering the interests of the business community.

He underlined that in order to solve long-standing concerns of traders and concentrate on improving market development, the Capital Development Authority should build parking plazas in marketplaces.

Credit : Independent News Pakistan-WealthPk