6 days ago
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- Business Recorder
Independence Day brings message of economic growth: UBG
KARACHI: The country's economic indicators are moving in a positive direction, and improving trade relations with the United States and China have raised hopes of economic recovery and development among the industrial and business community for the coming years.
If the government addresses the concerns of the business sector, Pakistan's economy could soon become strong and stable. Field Marshal Syed Asim Munir and Prime Minister Mian Shahbaz Sharif, along with their team, are making dedicated efforts toward this goal.
Pakistan's 78th Independence Day has brought a message of economic growth and prosperity.
According to UBG's central spokesperson Gulzar Feroz, these views were expressed by United Business Group (UBG) President and former FPCCI President Zubair F. Tufail during a conversation with representatives of the business community on Independence Day. Zubair Tufail said that the government must promote locally manufactured products and services both in domestic and international markets. It should prioritize reducing local industrial production costs and facilitating ease of doing business for local and foreign companies. This would help boost investment and significantly increase Pakistan's total exports.
The UBG President highlighted that the recent increase in US tariffs poses a serious threat to India's $87 billion exports to the United States. These exports constitute 18% of India's total exports and more than 2% of its GDP. Indian exports in textiles, jewellery, and automobiles could decline by 40-50%, creating a major opportunity for Pakistan's industry to step in. He urged the government to sit down with stakeholders and prepare an effective plan to capitalize on this shift. Business-friendly policies would help the government generate new employment opportunities and reduce poverty.
He said the business community is fully prepared to contribute toward strengthening the national economy and improving Pakistan's global image.
Copyright Business Recorder, 2025
