Sohail Altaf Group Leader, RCCI on economic crisis of Pakistan

Pakistan enjoys a lot of potential, its a country of 220 million people with tremendous resources. The only thing which we need is the direction. Actually, this country was created by the will of Almighty Allah, therefore it is bound to succeed. No doubt, at the moment we are passing through a difficult period yet will come out of it shortly by concerted efforts

To a question about the existing economic situation of the country, Sohail Altaf replied: Well, I think we are passing through a very very difficult economic situation. The state of uncertainty has put a halt on all the investments and no body knows what is going to happen tomorrow, as far as the economic prosperity is concerned, you know, you must have long term policies because the investor or businessman will only invest when there are long term policies. Unfortunately the political polarization, the political turmoil has badly affected our economy.

As far as the economic issues are concerned, It is very important that all the political forces must sit together at the earliest to Straighten the things. They should keep politics away from the economy that is the only way forward. Our survival lies in the industrialization.

Until and unless we diversify, we have been depending on the textile only, there lies huge potential in other sectors also like IT. We are a country with talented youth, so we have to capitalize this potential. Unfortunately, the focus has not been right, we have to set our direction right, Pakistan has enormous potential to get out of this ugly situation.

We have to match our imports with exports and foreign remittances, which unfortunately have also gone down. Pakistanis living abroad, are the heroes of this country who have sent thirty two billion dollars during last year but this year this remittance has declined, our exports have also been declined.

Talking about the endeavors of the Rawalpindi Chamber of Commerce and Industry to tackle the situation, he said:

We are organizing an All Pakistan Chambers Presidents’ Conference from 16th to 18th this month, wherein the business leaders of the country will sit together to find out ways and means to put the country out of this economic mess and crisis.

One thing is very important that we have to mend our agreement with the IMF. Individually all the political parties are agreed on it but collectively they have yet not been able to formulate a policy to give confidence to the IMF that all the political forces of Pakistan are on board.

As far as the country’s economy is concerned the business community is united and even the Federation of All Pakistan Chambers of Commerce and Industry has also given a SOS call, so the government must take the business community into confidence even if it is going to take any harsh measures.

We feel that we have to increase our revenue by taking non tax payers into the tax fold but unfortunately that pressure has also been put on the existing tax payers which is not a right approach. Thereby, the policy makers and the stake holders have to sit together, the economic policies formulated in consultations will definitely be in the interest of the country and will bear fruit.

To a question that what initiatives the RCCI has so far taken to pull the country out of this mess, he replied:

It is the Rawalpindi Chamber of Commerce and Industry which took the initiative that all political parties should sit and sign a charter of economy and for that purpose we held a meeting with former Prime Minister Mr. Imran Khan and he agreed that he would sign a charter of economy in the interest of the country.

The sitting Prime Minister Mr. Shahbaz Sharif has also announced that he would sign the charter of economy. Now it is important to bring them together. We have requested the President of Pakistan to play a role as head of the State to make them sit on table. At least on one agenda they should come up with one voice that country’s economy is most important even from defense and foreign policies.

The country’s economy has the significance if you want to remain independent, if you want to talk to somebody eye to eye, you can do that only if your economy is strong, so all the forces must sit together to take this country out of this economic mess and make policies, long term policies for ten years, twenty years etc. so that we don’t come across this sort of a situation in future.

Pakistan has a lot of potential, Al-Hamadulilla, we can get out of this situation, Pakistan is a country of 220 million population with tremendous resources. The only thing which we need is the direction, supported by all in the stakeholders of the country. This country was created by the will of Almighty Allah, we are bound to succeed. Presently we are passing through a tough period but Inshallah this country will come out of this situation in a short period.

We have to face the existing situation with total commitment and determination because what we are, because of Pakistan. This country has given us a lot, we will pass through this situation. Pakistan would progress and our economy will be strong, the time will come, Inshallah.