Karachi, Amid a severe economic downturn in Pakistan, the United Business Group (UBG) has advocated for a unified approach to foster economic resilience and prosperity. This call for action came during a pressing time as leaders from the group highlighted the need for cooperation across government, political factions, and the business sector.
According to United Business Group, the collective effort should include contributions from all trade bodies to rejuvenate the nation's languishing economy. Leaders like S M Tanveer, Zubair Tufail, Khalid Tawab, Hanif Gohar, Momin Ali Malik, and Mazher A Nasir collectively voiced the urgent need to dismantle the pervasive "rental business" mentality and tackle fundamental challenges within various sectors. They proposed ambitious goals such as doubling exports in the next five years by focusing on robust industrial and agricultural development.
Reflecting on Bangladesh's economic success despite significant hurdles, the UBG leaders expressed confidence that Pakistan could replicate this success through determined and coordinated efforts. They proposed the creation of an economic forum under the Federation of Pakistan Chambers of Commerce and Industry's guidance to consolidate the business community's recommendations into an actionable plan for economic advancement.
Key strategies outlined for economic rejuvenation include reestablishing trade ties with neighboring countries, ensuring political stability, reducing business costs, and lowering energy prices. They also stressed the importance of financial aid for small and medium enterprises and the cottage sector, alongside improving the security environment.
The UBG emphasized that addressing these issues would enhance the business community’s confidence and willingness to engage actively in measures to mitigate the economic challenges. Immediate actions such as cutting industrial energy rates, formulating long-term economic policies, and expanding the tax base were highlighted as critical to kickstarting the recovery process.