Islamabad, May 25, 2023 (PPI-OT): Former President of Islamabad Chamber of Commerce and Industry (ICCI) Dr. Shahid Rasheed Butt on Thursday said Pakistan has become a heaven for the property sector investors. The present policies are transforming the country into a graveyard for industries therefore capital should be directed towards the industrial sector in the upcoming budget, he said.

Shahid Rasheed Butt said in a statement issued here today that Pakistan can never progress unless the investors continue to prefer non-productive sectors over productive sectors. Continued patronage of the property sector will gradually shrink the industrial sector and will bankrupt the country, he said, adding that profits in the non-productive sectors should be reduced to save industries from closure.

The business leader said that Pakistan is at the forefront in spending more of its income among all the countries in the region that's why its economy is in the worst condition and the whole world is sure that it will soon bankrupt. Until a few decades ago, the economy of Pakistan was better than all the countries in the region, but now the situation has become the opposite and no country or institution is ready to give credit to a sinking country, he added.

He said that Pakistan will have to increase its competitiveness to compete in the international market by increasing industrial efficiency, bringing in foreign investment and foreign technology, and modernizing the financial sector. Government should sell failed state-owned enterprises or make them profitable, ensure upgradation in the public and private sectors and address the core problems.

Shahid Rasheed Butt said that the global economic conditions are changing rapidly and the use of technology is also increasing, but we are far behind in this sector. India started deregulation after Pakistan, but the goal of their policymakers was the national interest, while our policymakers were engaged in the pursuit of personal interests which resulted in harm instead of benefit.

He said that the people are dying of hunger, the risk of default is looming, and the funds approved for development schemes are being cut, but the parliamentarians are being given Rs111 billion in the name of development schemes which is surprising.

For more information, contact:

Dr. Shahid Rasheed Butt

Consul General Ghana

Former President ICCI

Former Patron ICST

Tel: +92-333-5132199, +92-51-2822571