Pakistan over the past few years has become an attractive investment destination for foreign and local investors. Experts believe that the private sector played a vital role in it. However, Pakistan still needs to improve its ranking in the Ease Of Doing Business (EODB), which experts believe can be done through public-private partnerships. Therefore, the government should consider collaborating with the business community, emphasized the Lahore Chamber of Commerce and Industry (LCCI).
The country can achieve its economic goals by focusing on improving its ranking, LCCI President Malik Tahir Javed and Vice President Zeeshan Khalil said in a statement. They further said that the cost of doing business in Pakistan is adversely affecting the growth of various sectors of the country.
Therefore, it wouldn’t be wrong to say that ease of doing business and inexpensive electricity generation should be the utmost priority of the government’s policies. Experts believe that the government should introduce economic reforms to attract foreign investment, and gain trust of foreign investors.
They said that the main problem is how to keep the momentum of growth amid less-than-targeted expansion of agriculture and manufacturing sectors. Also, the widening gap between imports and exports is also worrisome, which could be tackled by enhancing shipments overseas.
They also asked the government to focus on water, education, human resource development, public health, and tax collection in order to remove economic hurdles. Adding to that, the LCCI office-bearers said agriculture is the largest sector as around 43% of the labor force is associated with it. Hence, it would be appropriate to say that the sector needs revolutionary reforms, immediately.