KARACHI, May 5: Speakers at a signing ceremony of an MoU between the Pakistan Press Foundation (PPF) and the Centre for International Private Enterprise (CIPE) here on Friday stressed the need for highlighting basic economic issues confronting the common masses and improving the standard of business reporting to help policymakers formulate strategies for the development of the country.

They also called for strengthening interaction between the business community and media people to ascertain basic issues and factors that were hindering the economic progress of the country.

Under the MoU, the PPF and the CIPE will work together to help strengthen journalists’ economic literacy and equip them to report and write about major economic issues facing the developing economies.

PPF secretary-general Owais Asalm Ali and CIPE country director Moin M. Fudda signed the memorandum of understanding.

Institute of Business Administration (IBA) Director Prof Danishmand, who was chief guest on the occasion, highlighted the importance of business and said that very little attention was being given to this most vital segment of society.

He was of the view that government data were of not that credible as they should be and added that it was significant for economic journalists to focus on investigative reporting for digging out corruption in major business scams.

Karachi Press Club President Ghazi Salahuddin said the standard of business reporting had been low as most economic journalists had not been trained. “A lot needs to be done to improve business and economic reporting standards as economic issues and policies have now gained more importance than politics,” he added.

Moin M. Fudda said that analytical depth was lacking in economic reporting in Pakistan and the CIPE and the PPF would impart training to economic journalists for improving their skills to explain issues in better way for their readers.

Andrew Wilson, senior programme officer, CIPE Washington, said that it was business community’s responsibility to be more responsive to the media as it was a key partner in communicating issues and problems with the policymakers.

He said further that there was a need to strengthen linkages between think-tank, business leaders and media to get more reliable and solid information regarding better economic reforms.

The CIPE is an affiliate of the US Chamber of Commerce and has supported more than 800 local initiatives in 95 countries involving the private sector in policy advocacy and institutional reforms, improving governance and building understanding of market-based democratic systems.