Parliament to support country’s socio-economic revival; Chairman Senate

Abdullah Jan

Rawalpindi: Chairman Senate, Syed Yousaf Raza Gilani on Wednesday reiterated the Parliament’s commitment to supporting the country’s socio-economic revival. He highlighted that political stability remains instrumental for economic stability in Pakistan.

He remarked this during his address at Rawalpindi Chamber of Commerce and Industry (RCCI) after meeting the business community.

“Inspired by the spirit of our Charter of Democracy which helped restore democracy, I propose a Charter of Economy”, he said and added that the charter would be a collective, bipartisan effort to stabilize and grow Pakistan’s economy, ensuring policy continuity that fosters confidence for long-term investment.

Appreciating the pivotal role of the business community in driving Pakistan’s economic growth and resilience, the Chairman Senate said that industrious efforts and unwavering commitment of our entrepreneurs and industrialists have been instrumental in propelling Pakistan’s economic momentum, even in challenging times.

“Their resilience, adaptability, and visionary leadership in confronting both local and global challenges, job creation, innovation, and wealth generation are commendable”, he said. He further noted that the entrepreneurs have nurtured growth across diverse industries, contributing significantly to a more robust and diversified economy.

Gilani also urged for collaboration between the public and private sectors.

“A conducive business environment, supportive policies and a shared vision, can help generate robust economic activity”, he said adding together we can pave the way for sustainable economic growth that uplifts all segments of society.

Highlighting the key economic challenges facing the national economy, Gilani said “Pakistan faces significant economic hurdles: inflation impacts livelihoods, high debt limits growth investment, and elevated energy costs restrict industrial expansion”. He called for both resolve and reform to ensure stability, competitiveness, and inclusivity in our economy to counter the prevailing challenges.

Gilani stressed for ensuring ‘Ease of Doing Business’ by streamlining regulations to attract domestic and foreign investment.

“At the same time, we need to focus on lowering energy cost and financing expenses to improve productivity and competitiveness”, he said.

He further pointed out that reducing imports and promoting export on a war footing is essential for economic revival. The way forward lies in identifying high-potential industries and expanding access to international markets, he added.

The Chairman Senate said that in order to remain competitive with the rest of the world, embracing technology was the need of the hour to drive innovation and job creation. There is also a dire need to strengthen and expand the scope of Social Safety Nets like Benazir Income Support Programme to protect vulnerable populations as we progress.He strongly recommended the continuity of stable policies to inspire confidence and trust of investors and attract lasting investment.

He urged all stakeholders—nationally and internationally—to join hands with Pakistan in transforming Pakistan’s economy into a resilient and thriving one.

“Together, we can create a prosperous Pakistan, where opportunity and progress are within reach for all. Let us reaffirm our commitment to fostering an ecosystem where innovation thrives, partnerships flourish, and economic opportunities abound for every Pakistani”, he concluded.

The event was attended by a large number of reps from the business community, led by President RCCI Usman Shaukat and Group Leader Sohail Altaf. Representatives of RCCI’s body, former presidents, VPs and executive body also attended the event.