Karachi, Islamabad Chamber of Commerce and Industry (ICCI) President Ahsan Bakhtawari emphasized the urgent need for economic reform in Pakistan, citing massive losses in government-held businesses and inefficiencies in the energy sector that hinder the country’s export potential.

According to Council of Economic and Energy Journalists, Bakhtawari addressed several critical issues during a meeting with journalists in Islamabad. He pointed out that businesses operating under government control are not only inefficient but are costing the treasury approximately 1500 billion rupees. He argued for the privatization of these entities to reallocate funds towards essential infrastructure, such as health and education. Additionally, Bakhtawari criticized the current export levels, stating that for a country like Pakistan, an export volume of 30 billion dollars is insufficient and advocated for significant enhancements to support export growth.

The ICCI president also discussed various measures needed to boost the economy, including lowering the markup rate, improving the energy mix, and introducing substantial reforms to prevent electricity theft. He highlighted the critical role of bureaucracy in implementing these policies effectively and the need for comprehensive bureaucratic reforms to ensure policy effectiveness.

Further addressing tax issues, Bakhtawari called for an expansion of the tax base and the implementation of a track and trace system to increase transparency and tax collection. He expressed concerns over the management of agricultural policies, particularly the timing of wheat imports, which he believes undermines local farmers and discourages domestic production.

The discussion also covered the potential of Saudi investment in Pakistan, emphasizing the necessity for the government to involve key business communities in the process to ensure successful outcomes for industrial, agricultural, and IT projects.