‘Investment initiatives paramount for economic development’

ISLAMABAD: Islamabad Chamber of Commerce and Industry (ICCI) President Sheikh Amir Waheed has urged the government to focus on promoting savings and investments in order to spur economic growth in the country. Waheed said the move will allow generating resources to provide funds for development projects and will help in getting rid of foreign borrowings. He said many countries including China, Singapore, South Korea, Malaysia, India and others have accelerated growth of their economies by focusing on savings and investment, but the performance of Pakistan on this account was not up to the mark.

He said Pakistan’s saving rate is considerably less than that in China and India where it stands at 40 per cent and 38 per cent of GDP, respectively. “Pakistan’s national saving rate is just over 11 per centof its GDP,” Waheed lamented.

Moreover, Islamabad Chamber of Commerce and Industry (ICCI) has called upon the local administration and police to provide fool-proof security arrangements on the occasion of Eid Miladun Nabi (PBUH) in commercial centres and markets of the federal capital. The business community and citizens want to celebrate this auspicious occasion in a peaceful and secure environment with religious fervour and zeal unfazed by terror threats, he said seeking better security arrangements. “With the commendable efforts of the security apparatus and the Pakistan Army, the law and order situation has improved significantly due to people are coming out in droves for festivities and particularly shopping which benefits the traders,” ICCI President Amir Waheed said in a statement.

He urged that the local administration and police to deploy more police force at key religious places and markets to avoid any untoward incident. He also stressed upon the business community to keep close watch on doubtful activities and extend full cooperation to police in its efforts aimed at establishing peace in the city. Senior Vice President of ICCI Muhammad Naveed  said that the whole nation was preparing to celebrate the birthday of Holy Prophet Muhammad (PBUH) and reiterated that business community would also celebrate Eid Miladun Nabi with religious fervour and zeal.

He said the Holy Prophet (PBUH) was Himself a trader and set high standards of honesty and integrity in trade for others. He said that the business community could better promote business activities by acting upon the principles of trade set by the Holy Prophet.