Karachi Business Leader Criticizes Past Policies for Economic Setbacks, Urges Agricultural Focus

Karachi, Iftikhar Ali Malik, the Founder Chairman of United Business Group and former President of SAARC Chamber of Commerce, highlighted the crucial role of Pakistan’s business community in national economic efforts and criticized past policies for hampering industrial development. In a statement, Malik emphasized the importance of improving trade policies and cooperation among various stakeholders to boost economic growth and promote international trade.

According to United Business Group, Malik appreciated the proactive efforts of the business group in advocating for better economic policies and the removal of trade barriers. He lamented the impact of nationalization and other similar measures, which, he said, left Pakistan lagging in industrial development. Malik pointed out that industries that once began operations when the dollar was valued at 5 rupees now face a drastically different economic environment with the dollar valued at 278 rupees.

Malik also discussed the broader implications of these economic challenges, including severe inflation, poverty, and unemployment. He expressed concern over the economic trajectory of Pakistan, a country with nuclear capabilities that has struggled to match the economic advancements of nations like Japan, China, Vietnam, Ethiopia, and Bangladesh. He highlighted the adverse effects of excessive taxation on domestic industries and called for governmental action to support the agricultural sector as a potential avenue for economic improvement.

The statement concluded with Malik advocating for innovative approaches to agriculture to ensure sustainable development and support for local farmers, reflecting his broader vision for economic recovery and growth in Pakistan.

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