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Pakistan will see major growth of industries and long term economic measures this year

Pakistan will see major growth of industries and long term economic measures this year

Interview with Mr Ahmed Chinoy — Managing Partner of Arch Group of Companies

PAGE: Tell me something about yourself, please:

Ahmed Chinoy: I am the Managing Partner of Arch Group of Companies and a businessman by profession. My expertise revolves around the fields of Textiles, Real Estate, Security Investments and Poultry businesses.

PAGE: How do you see the economic progress of Pakistan in 2019?

Ahmed Chinoy: 2019, apart from being a little difficult in the beginning, will see a major growth in the economy of this country that will lead us to the growth of many industries and will help us reduce the economic deficiencies. Pakistan’s economy is resilient and would progress with the passage of time. The initiatives taken recently seem to be working in the long term and there is every reason to believe that the hard days are numbered.

PAGE: Could you tell us about the initiatives to be taken by your organization in 2019?

Ahmed Chinoy: Our companies are taking steps that will help us achieve our economic goals by maximizing our profits at most possible minimum costs. Every businessman wants Pakistan to grow economically since our progress in linked with the progress of Pakistan. We love our dear homeland and want to create job opportunities so that the issues of unemployment coupled with inflationary pressures may be addressed for a sustainable economy.

 

PAGE: Kindly share your views on the business opportunities in Pakistan:

Ahmed Chinoy: Pakistan is the land of opportunities. The returns in this land are far better than anywhere in the world. This country has the potential to convert investments into fortunes. I am confident that there would be a deluge of foreign investment in Pakistan in a couple of years. Our country has got an excellent strategic location which encourages investors to invest in Pakistan. Foreign investment is one of the ways to tackle the issues of dwindling exports, depleting foreign exchange reserves, balance of payments crises, high unemployment and desperate poverty prevailing across the country particularly in the rural areas.

PAGE: What must the incumbent government do to encourage the business community?

Ahmed Chinoy: The government should take steps and provide subsidies to the major industries that contribute to over 50 percent GDP of the country. This will help the industries flourish and will open roads for maximizing exports resulting in reducing the trade deficits of this nation. Trade deficit is currently one of the most concerning issues of our economy. Our economy worth $310 billion cannot afford a trade deficit worth $38 billion. Current account deficit during the preceding fiscal year culminated in $18 billion which was a wake-up call in the given circumstances. The economic progress of Pakistan is contingent on the progress of industry in Pakistan particularly the manufacturing sector. We hope the incumbent government would incentivize the sectors which contribute to the economic prosperity in terms of employment generation and exports.

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