By Commerce Reporter
LAHORE: The Pak International Business Forum (PIBF) has welcomed the recently signed Memorandums of Understanding (MoUs) between Pakistan and China in various sectors including industry, energy, infrastructure, technology, agriculture and trade, describing the development as a positive step toward strengthening bilateral economic cooperation.
PIBF President Dr Mushtaq Mangat said the agreements reflect growing international confidence in Pakistan’s economic potential and can help promote industrial growth, technology transfer, employment generation and exports.
“Pakistan and China enjoy a longstanding strategic partnership and these agreements can open new opportunities for economic progress. However, practical economic reforms are essential to convert these understandings into sustainable prosperity,” he said.
Dr Mushtaq Mangat noted that Pakistan’s business community is facing severe challenges due to high electricity tariffs, expensive gas, increasing petroleum prices, high interest rates and complicated taxation procedures. He stressed that industries cannot compete globally unless the cost of doing business is reduced to regionally competitive levels.
PIBF Secretary General Muhammad Ejaz Tanveer said that while foreign investment agreements are encouraging, the government must simultaneously introduce structural reforms to restore investor confidence and strengthen domestic industry.
“Affordable electricity, gas and petroleum products are critical for industrial revival. Without reducing energy costs and ensuring stable economic policies, industries will continue to struggle and foreign investment may not achieve its desired impact,” he said.
Muhammad Ejaz Tanveer urged the government to seriously consider PIBF’s seven-point economic revival agenda, aimed at promoting sustainable growth and easing financial pressure on industries. He said the agenda includes reduction in interest rates, revival of Development Finance Institutions (DFIs), support for exporters and SMEs, broadening of the tax net with lower tax rates, simplification of the taxation system, provision of regionally competitive energy tariffs and governance reforms in the economic and energy sectors.
The PIBF leadership said Pakistan possesses immense economic potential, but policy continuity, economic stability and business-friendly measures are necessary to fully benefit from international partnerships and investment opportunities.
