KARACHI: Patron-in-Chief of United Business Group (UBG) SM Tanveer has said that there is mismanagement across the country and Pakistan may suffer a loss of $7 billion in exports this year.
Addressing a press conference, SM Tanveer stated that last year Pakistan’s exports stood at $33.3 billion.
He said the government had set a target of increasing exports by 10 percent annually, but instead exports are expected to decline significantly this year, resulting in a loss of around $7 billion.
He stressed the need to strengthen national institutions.
He said that institutions cannot be run by people who lack understanding of their responsibilities.
He added that while some industries in Pakistan are shutting down, others are operating at half capacity.
He further stated that the country has an installed electricity capacity of 12,000 megawatts, but only 3,000 megawatts are being utilized, leaving 9,000 megawatts unused.
SM Tanveer said no work has been done on electricity transmission lines for the past five years, including the Matiari to Lahore transmission project.
He added that the industrial sector is already struggling and cannot function properly unless it operates 24 hours a day.
He also remarked that restaurants contribute to employment growth and said money flows to places where profit exists.
He stated that there is complete mismanagement in the country and argued that if profits are ensured in Pakistan, capital will automatically return.
He further said that with high taxation, investment moves to markets where returns are better.
He also added that “the entire situation changed overnight” and remarked that Field Marshal Syed Asim Munir deserves the Nobel Peace Prize.
