Lahore (Web Desk): SM Tanveer, Patron-in-Chief of the United Business Group (UBG) and leader of the Federation of Pakistan Chambers of Commerce & Industry (FPCCI), has stressed that Pakistan must strengthen its economy on an urgent basis, saying economic stability has become essential amid the challenges facing the country, including external security threats.
Addressing the National Policy Dialogue in Lahore, he said Pakistan’s population was continuing to grow each year, yet the pace of new industrial development remained insufficient.
Tanveer warned that even if new industries were established, a shortage of skilled and suitably trained workers could emerge as another major obstacle.
The country, he said, therefore needed to pursue industrial expansion alongside serious investment in skills development and human capital.
The UBG chief said Pakistan was in immediate need of new industries, while the agriculture sector was also failing to realise its full potential.
Despite having favourable conditions and a variety of seasons that could support agricultural production, he said the sector had not progressed at the pace required.
He also highlighted high electricity costs as a major constraint on industrial activity and economic growth.
According to Tanveer, Pakistan was paying among the highest electricity costs in the world, making it increasingly difficult for businesses and industries to remain competitive.
He pointed out that the country was not short of natural resources, citing the quality coal reserves in Thar and the significant opportunities available in the blue economy.
“Balochistan is rich in mineral resources, yet Pakistan continued to rely on external assistance and effectively remained dependent on others for financial support,” SM Tanveer said.
He stressed that the country would have to make better use of its own resources if it was to move towards genuine economic self-reliance.
The UBG chief also drew attention to Pakistan’s weak performance in value addition, saying Chiniot had a strong furniture-making industry but was not generating significant exports from the sector.
Similarly, dates produced in Khairpur are exported abroad, while value-added products such as chocolate made from dates are later imported back into Pakistan.
He said the situation reflected the weaknesses in the country’s ability to process and add value to its own raw materials.
Tanveer further expressed concern over the simultaneous rise in the country’s debt and tax burden, questioning who would ultimately be held accountable for the situation.
“Pakistan needed fundamental and long-term reforms in industry, agriculture, energy, exports and natural resource management to address its economic challenges and put the country on a path towards sustainable growth,” SM Tanveer asserted.