Zardari Urges Collaboration for Charter of Economy
LAHORE: Asif Ali Zardari, Co-Chairperson of the Pakistan Peoples Party (PPP) and former president, emphasized the importance of a “Charter of Economy” and called for the formulation of long-term policies to enhance the country’s economy.
The proposal aims to bring together all stakeholders to establish a framework for achieving economic growth. Originally introduced by Prime Minister Shehbaz Sharif four years ago when he was the opposition leader at the beginning of the PTI government’s tenure, the idea did not receive significant attention.
During his address at a ceremony organized by the Federation of Pakistan Chambers of Commerce & Industry (FPCCI) in Lahore, the PPP co-chairperson encouraged major businessmen from Punjab to unite and assured them of investment opportunities. He highlighted the need to prioritize wealth creation and later impose taxes. Zardari expressed his belief that Pakistan has the potential to progress economically.
Zardari emphasized that the PPP has always supported the business community, stating that improving the economy is crucial for future generations. He stressed that an economy should be focused on the long term and be beneficial to future generations.
Referencing the significance of protecting and promoting local investments and businessmen, Zardari suggested shifting the focus from multinationals. He argued that multinationals repatriate their investments at nearly five times their initial amount, whereas foreign investors earn $5 for every dollar invested.
The former president noted that the country needs foreign exchange reserves of $200 billion, emphasizing that current reserves of $20 billion are insufficient. Criticizing the high policy rate in Pakistan, he stated that it discourages investment.
Zardari reiterated that Pakistan’s military expenditures are not as significant as claimed, dismissing them as mere propaganda. He proposed that if the country exports goods and services worth $250 to $300 billion, no one would question the defense expenditure.
Regarding his government’s performance, Zardari highlighted his role in introducing the China Pakistan Economic Corridor (CPEC) in Pakistan. He expressed disappointment that subsequent administrations prioritized transportation projects over the broader initiative. Zardari suggested that transportation schemes could have been initiated through the private sector, citing the example of public buses in Karachi operated by the private sector. He also mentioned his deal with China for Gwadar and stressed the resolution of issues through increased exports.
The PPP leader underscored the importance of promoting public-private partnerships in the country. He recounted his previous suggestion to PTI Chairman Imran Khan, urging him to collaborate on a Charter of Economy and engage in long-term planning beyond individual terms.
In conclusion, Zardari called on all businesspeople to work collectively in formulating the Charter of Economy. He stated that their support would determine the PPP’s alignment, emphasizing the need for unity on this critical matter.
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