Pakistan becoming an industrial graveyard - Press Release issued by Dr. Shahid Rasheed Butt.

Islamabad -- May 25, 2023 (PPI-OT)

Following is the text of press release issued by Dr. Shahid Rasheed Butt

Quote

Former President of Islamabad Chamber of Commerce and Industry (ICCI) Dr. Shahid Rasheed Butt on Thursday said Pakistan has become a heaven for the property sector investors. The present policies are transforming the country into a graveyard for industries therefore capital should be directed towards the industrial sector in the upcoming budget, he said.

Shahid Rasheed Butt said in a statement issued here today that Pakistan can never progress unless the investors continue to prefer non-productive sectors over productive sectors. Continued patronage of the property sector will gradually shrink the industrial sector and will bankrupt the country, he said, adding that profits in the non-productive sectors should be reduced to save industries from closure.

The business leader said that Pakistan is at the forefront in spending more of its income among all the countries in the region that's why its economy is in the worst condition and the whole world is sure that it will soon bankrupt. Until a few decades ago, the economy of Pakistan was better than all the countries in the region, but now the situation has become the opposite and no country or institution is ready to give credit to a sinking country, he added.

He said that Pakistan will have to increase its competitiveness to compete in the international market by...