Pakistan has sizeable growth in many sectors amid world economic limbo in 2020.

Byline: Khalil Ahmed

Lower interest rate, resolution of circular debt, enhancing exports, and spotlighting on digitalization the positive steps for progress

Need for improvement in agriculture research to compete advanced marketplace

Government and private sector must stay on same page to achieve demand of 'ease of doing business'

Future policymaking and implementation should have mutual understandings

Interview with Mr Majyd Aziz - a renowned businessman

Profile:

Mr Majyd Aziz is an industrialist and business leader and President of his family business group. He is former President of Employers Federation of Pakistan, Karachi Chamber of Commerce and Industry as well as South Asian Forum of Employers. He is the former Chairman of SITE Association of Industry, former Chairman Board of Directors of SME Bank Limited, and former member Board of Directors of Zarai Taraqiati Bank Limited, KESC as well as SITE Ltd. He is Senior Advisor for Pakistan on Transnational Strategy Group, Washington and Executive Board Member of Confederation of Asia Pacific Employers.

PAGE: How would you comment on 2020 as a year for the industry of Pakistan?

Majyd Aziz: The year started off on a positive note and many industrialists and businessmen were planning a positive approach to the year. Despite political instability, slow decision making of the PTI government, heavy external and internal debt scenario, and continued tension at the borders, the conventional wisdom in the marketplace pointed towards a rosy picture. Who knew that the pandemic crisis would soon engulf the world and disrupt the economic, social, political and medical environment all across the globe?

The Pakistani industrialists suddenly found themselves on a weak wicket and most of them immediately put on hold their future investments, targets and objectives. Trading came to an abrupt halt that was further compounded by lockdowns. Within a couple of months after the crisis hit Pakistan, the economy was in a vicious whirlpool affecting just about everybody. All economic indicators were going south. In fact, during the first three months of the crisis, the Quantum Index of Manufacturing was down by nearly 25%. Industries were getting a big hit and exports were tottering. Large scale manufacturing was in negative. Auto sector was in doldrums. Moreover, cotton and wheat crops also slid down leading to imports, especially wheat. Inflation needed to be controlled because the prices of essential commodities shot up which...