Economy to get a boost from next year: Asad Umar

ISLAMABAD  : Federal Minister for Planning & Development Asad Umar has said that the government is focussed on promoting multiple sectors and the economy would soon get a boost. The federal minister said this while addressing the business community here at Islamabad Chamber of Commerce & Industry (ICCI) on Thursday. Earlier, a flag hoisting and cake cutting ceremony was held in connection with 73rd Independence Day of Pakistan which will be observed today (Friday). A large number of businesspersons were present on the occasion.

Asad Umar said that due to COVID-19 pandemic, UK economy has shrunk by 20 percent in a quarter while the US economy contracted by 32 percent, but with the grace of Allah SWT, Pakistan’s economy did not face such a worst slump. He said that with the better strategy of the government, the current account deficit has come down from $20 billion to $3 billion.He said, “The government is focussed on promoting multiple sectors and we would celebrate the next year as a growth year.” He said that the business community had to face a lot of difficulties due to coronavirus, but better times are ahead for them. He said that fixed tax is under consideration for traders and assured that a meeting would be held in ICCI in near future to resolve key issues of the business community. Speaking at the occasion, President ICCI Muhammad Ahmed Waheed said that promoting ease of doing business as well as creating conducive business environment is vital to steer the economy out of current challenges and put it on fast track growth. He said, “The 73rd Independence Day of Pakistan reminded us that we as a nation should work hard with honesty and dedication for the development of our beloved country.”

He said that Pakistan was created by making great sacrifices and every person of the nation should work with commitment for the development of Pakistan. He said that COVID-19 pandemic has badly hit the businesses and the government in consultation with the private sector should form new policies to address key issues and accelerate growth of the economy. He resolved that the business community would strive hard for the progress and prosperity of Pakistan.

Tahir Abbasi, Senior Vice President ICCI, Saifur Rehman Khan, Vice President ICCI, M Ejaz Abbasi, Khalid Iqbal Malik, Ch Nadeem, Khalid Chaudhry, Sheikh Amir, Ch Muhammad Ali, Nasir Chaudhry and others also spoke on the occasion and said that Pakistan is endowed with lots of natural resources and the government should cooperate with private sector to transform the country into a rising economy. They resolved that the business community would fully support the government in its endeavors aimed at making Pakistan a progressive and prosperous country.

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