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ISLAMABAD: President Asif Ali Zardari on Monday called upon the private sector of the country to take full advantage of the level playing field provided to it by the present government through financial and structural reforms.
Speaking at awards distribution ceremony of Karachi Stock Exchange among the top ranking companies and business entities for the year 2008 and 2009 at Aiwan-e-Sadr, the President said that the success of the winning corporations highlights the opportunities Pakistan offers to business and investment.
The Government has provided a conducive investment climate to investors, he added.
The President said that Pakistan was lagging behind in the manufacturing sector and its share in the global exports was not what it should be.
“Our exports target of $24 billion should not be the benchmark and should be increased manifold as the country has the potential with 65 per cent young people, four seasons and skilled workers,” he added.
The private sector needs to play a greater role in enhancing manufacturing capacity to serve regional and global markets, he emphasized.
The President said that the stock exchanges also need to extend their outreach throughout the country. This, he said, will increase awareness about the capital market and attract increased equity for investment.
Lauding the key role played by Karachi Stock Exchange in developing Pakistan's capital markets, President remarked that the awards were also part of the positive role played by Karachi Stock Exchange.
President Zardari said that the present coalition government inherited several economic problems. Global economic recession, circular debt, fight against militancy and floods last year have hit the economy hard, he added.
He said that according to the Damage and Needs Assessment, the overall damage to Pakistan economy due to floods, was nearly 10 billion dollars.
The Government has embarked upon a comprehensive plan, to address the economic challenges, he said.
This includes reduction in non-developmental expenditures, reforms in power sector, restructuring of public sector enterprises, giving incentives to attract remittances and special programmes for poverty alleviation he added.
Zardari said that the government reduced the cabinet size in order to cut expenses.
The subsidy regime has been rationalized. Tax reforms have been introduced, to mobilize resources and the tax net was being expanded, through introduction of the Reformed General Sales Tax, he added.
“We are not afraid to take tough decisions”. Our main objectives, he emphasized, are to alleviate poverty and to create more job opportunities, said Zardari.
“We have developed a home-grown programme for poverty alleviation under the Benazir Income Support Programme (BISP),” he further added.
It has been acknowledged and appreciated worldwide as a credible instrument for alleviating poverty, he said.
The President said that BISP has made remarkable progress by providing relief to over 4 million poor families. These also include the IDPs, flood affectees and bomb blast victims throughout Pakistan. More than 70 billion rupees have been disbursed to BISP beneficiaries, he added.
Zardari said that the first ever nation-wide poverty survey was started from October 2010 in all districts of the country. The survey is expected to be completed by end of June.
He said that more than 60% of the country has been surveyed. Survey in Gilgit-Baltistan and AJK have been completed while in Pukhtoonkhwah, it will soon be completed.
He said that Mobile Phone Banking has been introduced for the first time for transparent transfer of BISP benefits to the poorest of the poor. This, he said, would further eliminate any human involvement in disbursement of cash to the deserving.
Another innovation, the President said, was the use of Benazir Smart Card for payments to beneficiaries and so far over 172,000 cards have been distributed and over one Rs billion disbursed to beneficiaries through the smart cards.
The President said BISP has also launched a programme for soft loans up to Rs. 300,000 for setting up of small businesses to beneficiary families.
Every month, a ceremony is held to select beneficiaries through a draw. Seventeen draws have been held to date and almost Rs. 50 million have been disbursed.
He further said that under the programme technical and vocational training is also provided to one member of each beneficiary family to help them stand on their own feet.
In one year, he continued, 150,000 persons will be imparted training in over 60 fields. The initiative is already underway in Karak and Bannu, he said.
The President also said that life insurance cover of Rs. 100,000 has been provided to the bread-winners of every beneficiary family and health insurance for all beneficiary families is also being launched shortly as pilot on test basis.
President Zardari said that the Government has adopted the model of public private partnership.
