Empowering local business community key to resolving Pakistan’s economic crisis: Umar Rehman Malik

Abdullah Jan

Islamabad: Pakistan People’s Party (PPP) leader Umar Rehman Malik on Saturday called for the creation of a conducive business environment to address Pakistan’s prevailing economic crisis.

Speaking in a debate on Pakistan’s economy, which featured leading economists, Umar Rehman Malik emphasized the empowerment of local businessmen and the need for robust support for the local business community.

“Taxes alone aren’t the solution. Pakistan needs value addition in its economy, investment in human resources, support for local investors, and policy stability,” he asserted.

Umar Rehman Malik, the Head of PPP Digital Media Islamabad and former Special Assistant to the CM Sindh, said that encouraging foreign investment and improving the business environment are crucial for sustainable growth.

Malik highlighted the importance of the government’s role in supporting the private sector to significantly enhance Pakistan’s economy. He stressed the development of a framework to foster the growth of Small and Medium-sized Enterprises (SMEs), enabling the private sector to create substantial value in the economy. “This will help us break free from the cyclical reliance on IMF bailouts,” he noted.

Drawing attention to the success of the Sindh Government’s Public-Private Partnership (PPP) projects, Umar Rehman Malik cited recognition from leading economists and the Blavatnik School of Government at Oxford University. “Sindh has successfully gained the trust of the private sector through its adept handling of the technical, financial, and legal challenges involved in integrating the private sector into public interest projects,” he remarked.

Malik pointed out that The Economist has acknowledged Sindh as a ‘potential model of best practice’ in its assessment of public-private partnerships in Asian countries. He urged the central government and provincial governments to adopt the PPP model pioneered by the Sindh government to rejuvenate the national economy.

“To steer the country out of the economic crisis, we need national unity to develop and implement a tangible and enduring Finance Policy,” he urged.