Iftikhar Ali Malik said that continuous stable democratic process is a key factor for sound economy.

LAHORE (Dunya News) – United Business Group (UBG) in the Federation of Pakistan Chamber of Commerce and Industry on Sunday reposed full confidence in Prime Minister Imran Khan for successfully pursuing prudent economic policies to offset the impact of Covid-19 on national economy.

Talking to a traders  delegation led by Lahore Chamber s Executive Committee Member Shahid Nazir Chaudhry, the UBG Central Chairman Iftikhar Ali Malik said that it was a good omen that Prime Minister was taking top elected leaders of business community from all sectors into confidence prior to formulation of monetary and trade policies to boost national economy in the wake of deadly pandemic.

He said UBG top leadership including its patron-in-chief SM Munir, President Zubair Tufail, Secretary General Zafar Bakhtawari, Secretary Information Dr Mirza Ikhtiar Baig, presidential candidate for FPCCI Dr Nouman Idris, Khalid Tawab, Feroze Gulzar, Almas Hyder, Malik Sohail Hussain and other members of core committee today decided in principle to support the Prime Minister and extend helping hand in the larger national interests for bringing gradually structural economic reforms mainly aimed at strengthening economy.

Malik said, "Private sector is the backbone of economy and engine of economic growth, as it help creates jobs, increases trade, provides goods and services to the poor besides generating tax revenue for the government." He said government had a central role in supporting economic growth and reducing abject poverty by fully ensuing result-oriented sustainable policies. He said the major constraints to economic growth identified by the private sector were directly linked to government decisions and actions to remove those on top priority so that economic activities in the country gained momentum.

Malik observed that Prime Minister attached great importance to private sector for ease of doing business and all out sincere efforts were being made to provide business-friendly environment to gear up trade activities.

"Private sector provides around 90 percent of formal and informal jobs, funds 60 percent of all investments and pays 80 percent of the tax revenues," he added.

The UBG Central Chairman assured that private sector would continue to play its role in boosting exportand industrialization for prosperity of the down-trodden segments of the society.