Saarc nations can lift people’s life to European standards : Rauf Alam

Lahore: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Thursday lauded the government for stabilising bankrupting economy within three years contrary to expectations on foreign experts.

Business community fully supports the economic vision of Prime Minister Nawaz Sharif and Finance Minister Ishaq Dar who are capable enough to make Pakistan a developed nation, said Abdul Rauf Alam, President FPCCI.

Speaking to the business community he said that FPCCI will fully cooperate with the government to realise the economic targets in which expanding tax net is of paramount importance. He said that sustainable development require reduced unemployment and better facilities of health, education, transportation etc. for which growth rate should be seven percent minimum. Investment should be jacked up by twenty five percent for better GDP growth for which tax base and savings should be improved, he said, adding that rate of return on savings must be improved.

Abdul Rauf Alam said that only way to provide relief to majority of the world’s population living in Saarc region is through increased trade and reduced friction. Three billion Asians could enjoy living standards similar to those in Europe today for which policies must be revisited while Saarc can account for over half of global output by the middle of this century but we are not prepared for it. Curtailing movement of businessmen has been identified as one of the biggest hurdle in progress of region which is home to 22 per cent of world’s population with 45 per cent of young people but still underdeveloped, he said.