SM Tanveer calls for economic reforms, boosting exports to strengthen economy

Islamabad (Web Desk): United Business Group (UBG) Patron-in-Chief SM Tanveer said Pakistan is blessed with abundant natural resources, immense potential and a talented workforce, but meaningful economic growth will only be possible through structural reforms and a business-friendly environment.

Speaking at an event in Islamabad, SM Tanveer said the Prime Minister, the Field Marshal and the Interior Minister are working for the country's progress.

He expressed hope that Allah Almighty would grant Pakistan continued success and prosperity.

He acknowledged the government's efforts to improve the economy, describing them as commendable, but warned that the rising fiscal deficit and increasing unemployment remain serious concerns.

He questioned why Pakistan continues to depend on loans and foreign assistance despite having a hardworking population, saying the issue requires careful reflection.

SM Tanveer said excessive taxation has made it difficult to establish new industries, even though Pakistan has the capability to manufacture world-class products.

He cited Chiniot's furniture industry as an example, saying it produces some of the finest furniture in the world and reflects the country's manufacturing potential.

He maintained that the business community holds the key to strengthening Pakistan's economy, adding that the country has the capacity to raise its exports to as much as $170 billion, compared with the current export volume of around $30 billion.

The UBG Patron-in-Chief urged the government to treat entrepreneurs with respect and provide them with facilitation instead of harassment, noting that the business community creates employment opportunities and contributes significantly to the national exchequer through taxes.

He also called for greater parliamentary representation for the business community by allocating reserved seats in the Senate, National Assembly and provincial assemblies, saying such a move would require a constitutional amendment.

SM Tanveer further said that a large number of young people enter the job market every year, warning that failure to create sufficient employment opportunities could lead to higher unemployment and growing insecurity.

Concluding his remarks, he said Pakistan does not suffer from a shortage of resources but from weaknesses in governance and the overall system.

He pointed to Sukkur's high-quality dates, saying they are exported abroad but are also imported back into the country, stressing that such anomalies need to be addressed.