‘Govt sees private sector as engine of growth, prosperity’

‘Govt sees private sector as engine of growth, prosperity’

ISLAMABAD: The government is fully committed to provide enabling environment for the development of small and medium enterprises (SMEs) and private sector for accelerated economic growth, said Federal Minister for Planning, Development and Reforms Prof Ahsan Iqbal here on Friday.
While chairing a Consultative Workshop on Economic Revival and Growth here at the Planning Commission the federal minister remarked, “Pakistan faces a pressing challenge of creating more jobs for its 65 percent young population, which is only possible by revamping the private sector as engine of economic growth in the country.” 
The Pakistan Muslim League-Nawaz (PML-N) government has included the development of private sector in its Vision 2025 and 11th Five-Year Plan 2013-18 as one of the seven key themes. 
It is, therefore, introducing business-friendly environment in the country, where private sector would lead the march in close collaboration with the academia, while the government will just act as a facilitator. A new post of Member Private Sector Development has been created in the Planning Commission, to enhance linkages with the private sector and to develop competitiveness of Pakistan’s productive sector.
Prof Iqbal explained, “We need to take out of the box solutions for the promotion of export sector by doing away with the traditional import substitution paradigm.” 
Given the growing needs of our bulging population, we must set our export target at $100 billion within next 10 years through indigenous resource mobilisation. He said the government is focused on removing all the irritants to economic growth like energy shortage, poor law and order in some parts of the country, and inefficient governance by bringing in structural reforms. 
On this occasion, participants of the workshop, representatives of the business community offered valuable suggestions for reviving the economy of the country. The minister ensured them of maximum government support by introducing new business reforms in the light of their recommendations, and assured them that regular engagement with private sector on all economic policy issues will be maintained to ensure implementation of their ideas.

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