Pakistan will rise as an 'Asian Tiger', says S.M. Tanveer

Faisalabad (Web Desk): United Business Group (UBG) Patron-in-Chief S.M Tanveer reaffirmed business community’s commitment to make Pakistan as an Asian Tiger.

Speaking at a press conference in Faisalabad, he said that the federal government’s top priority is the revival of Pakistan’s economy, and the business community stands firmly behind this mission.

S.M Taanveer expressed full support for the government, stating that President of Pakistan and Prime Minister Shehbaz Sharif are both focused on stabilizing the economy, and their visit to Faisalabad is part of this broader goal.

S.M. Tanveer highlighted the government's ongoing efforts to strengthen essential public services. He revealed that in Faisalabad Division alone, 5,651 schools are operational and a key hospital is providing healthcare to over 772,000 people.

However, he also raised important concerns about the quality of education in the country, questioning whether the current system is preparing students to compete at an international level.

Discussing global trends, he stressed the importance of adopting Artificial Intelligence (AI), adding that the UGS has formulated a long-term vision to help Pakistan align with global technological advancements.

Turning to economic indicators, Tanveer warned of serious challenges facing the country. He stated that Pakistan is currently dealing with a $40 billion trade deficit, and while the official unemployment rate stands at 22%, he estimates the real figure could be as high as 40%.

He lamented the decline of Faisalabad’s industrial capacity, referring to it as “Pakistan’s Manchester” being thrown into the fire due to policy failures.

Tanveer also criticized the high cost of electricity, noting that the government has not yet met the demand to lower the rate to 9 cents per unit. He further said that although the President had proposed bringing down the interest rate to 9%, it should actually be reduced to 6% to provide real relief to the industrial sector.

According to him, the government has generated PKR 80 trillion through domestic sources but is paying 11% interest on it, which is a significant financial burden. He praised Haroon Akhtar Khan for his active role in developing a new industrial policy, saying his contributions under the Prime Minister’s directive will help boost economic growth.

In response to a question about potential reductions in electricity prices, S.M. Tanveer made it clear that as long as Pakistan remains under the IMF program, and the loan is not repaid in full, there is little room for such relief.