Dr. Gohar Ejaz, a prominent industrialist and former caretaker federal minister for interior, commerce, industries, investment and overseas Pakistanis, recently addressed the ongoing economic challenges facing Pakistan, stressing the need for a growth and export-based industrial investment strategy.
“The real solution to our economic problems is not through refinancing existing loans with new IMF-backed loans. This is only one aspect of our current issues,” Dr. Ejaz stated in a post on X (formerly Twitter). He emphasised that leveraging Pakistan’s natural, industrial, and human resources is crucial for sustainable economic development.
Dr. Ejaz outlined several key measures to stimulate growth, including reducing the interest rate to 6% within the next year to align with regional standards and setting industrial electricity tariffs at 9 cents per unit, comparable to regional tariffs. “Our economic policy must lead us towards creating new jobs and prosperity,” he asserted.
He also called for an overhaul of the taxation system to ensure fairness and equity. “Bring taxation laws at par for all. The holy cows have to be slaughtered on this Eid,” Dr. Ejaz urged, highlighting the need to eliminate exemptions and special treatments that distort the economic playing field.
According to Dr. Ejaz, annual budgets should serve as a document of direction and commitment from the government, acting as a beacon of hope and opportunity. He envisions a clear roadmap that attracts both local and international investment, with a goal of expanding Pakistan’s economy from $350 billion to $1 trillion over the next decade. “The annual budgets have to be a beacon of hope and opportunity for Pakistan entrepreneurs and the whole world to invest in Pakistan,” he emphasized.
Dr. Gohar Ejaz’s perspective underscores the importance of a strategic shift in economic policy, aiming to foster a more robust and prosperous industrial sector that can drive significant economic growth.
