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Business Recorder
9 hours ago
- Business
- Business Recorder
Iran-Israel ceasefire: Pakistan's balanced role earned world appreciation: Mian Zahid
KARACHI: The Chairman of National Business Group Pakistan, the President of the Pakistan Businessmen and Intellectuals Forum, the President of All Karachi Industrial Alliance, the Chairman of the FPCCI Advisory Board, Mian Zahid Hussain, said that Pakistan's constructive, neutral and balanced role in the Iran-Israel ceasefire has earned international appreciation. He said Pakistan acted with wisdom to safeguard the broader interests of the Muslim Ummah, regional stability, and the global economy. Mian Zahid Hussain stated that the ceasefire has led to a noticeable decline in global oil prices, providing relief to both consumers and businesses worldwide. If the conflict had escalated, crude oil prices could have exceeded 110 dollars per barrel, severely aggravating global inflation and pushing developing economies under immense economic pressure. He noted that the reduction in tensions would help revive shipping routes, lower insurance costs, enhance the environment for maritime trade, and mitigate disruptions in the global supply chain. Countries like Pakistan will benefit from smoother delivery of energy and essential commodities. Mian Zahid added that the recent war had exposed weaknesses in Israel's defense systems and cast doubt on its military claims. He emphasized that victory cannot be achieved solely through propaganda. Urging Iran to reassess its nuclear, defense, and foreign policies in light of current realities, he said the country should now strive to eliminate the economic sanctions that have hindered its development for four decades. By shifting its focus towards economic revival, similar to China's path, Iran can unlock sustained growth. He stressed that lasting peace in the Middle East requires sincere efforts. Iran should reconsider its ties with India in light of New Delhi's strategic alliance with Israel during the conflict. He also warned Iran to remain cautious of voices claiming that the US failed to destroy its nuclear program; as such narratives could invite further attacks. The business leader said that Iran's top priority now must be the removal of sanctions and economic rehabilitation. Meanwhile, Pakistan should expand its diplomatic footprint in the Middle East and continue to play an active role in protecting the shared interests of the Muslim world. He emphasized that the plight of Palestinians must not be ignored. Thousands of innocent Palestinians have been martyred, and millions have been displaced. The international community must stop Israel from continuing this bloodshed. The United Nations' failure to respond effectively has undermined its credibility. He reiterated that Palestinians deserve peace, protection, and justice just as much as any other nation. He concluded by stating that this war has proven once again that conflicts bring no real gains. Now is the time for all regional countries to abandon the arms race and focus on the welfare and progress of their people. Mian Zahid expressed hope that the current ceasefire will be transformed into lasting peace through responsible actions from all parties, ensuring that future generations are spared from the horrors of war. Copyright Business Recorder, 2025
Business Recorder
12-06-2025
- Business
- Business Recorder
Budget 2025-26: ‘Priority is given to defence, interest payments on debt, revenue generation'
KARACHI: The Chairman of National Business Group Pakistan, President of the Pakistan Businessmen and Intellectuals Forum, President of All Karachi Industrial Alliance, Chairman of the FPCCI Advisory Board, Mian Zahid Hussain, while reacting to the budget said the total size of the budget has been fixed at Rs 17,573 billion and priority had been given to defence, interest payments on debt, and revenue generation. He said that the federal and provincial governments are expected to spend Rs 3,800 billion on public welfare projects. Mian Zahid Hussain acknowledged that the budget attempts to strike a balance between national security, internal stability, and fiscal responsibility. However, he expressed concern over several aspects that may negatively affect the general public, business community, and investors. Speaking to the business community, the veteran business leader said that imposing taxes on vital sectors, such as renewable energy, could hamper the country's economic momentum. The proposed 18 percent sales tax on the import of solar panels is a regressive measure that will obstruct the growth of alternative energy sources, he warned. Mian Zahid Hussain pointed out that several items have become more expensive under the new budget, including automobiles, petroleum products, beverages, mineral water, pet food, coffee, and chocolates. The increased levies and carbon taxes on petroleum products are expected to burden daily life, especially for the middle class and salaried segments of the population. This could potentially create financial strain for many, a concern that the business leader shares. Mian Zahid welcomed the increase in defense expenditure, calling it a necessary response to India's recent hostility and aggressive military posture. He termed investment in national security as unavoidable. He stressed that to accelerate development in education, health, and social welfare sectors, the government must encourage impact financing. While acknowledging that tax reforms and digital monitoring systems can help improve revenue collection, he cautioned that such measures would only be effective if taxpayers are also provided with corresponding facilitation. He welcomed the introduction of a simplified income tax return form, particularly addressing long-standing demands of SMEs and salaried individuals. Referring to the incentives provided in the housing and real estate sectors, including reforms in the mortgage system, he noted that this could encourage investment and potentially lower the cost of small houses and flats, a welcome development for the general public. These incentives could stimulate the real estate market and make housing more affordable for the middle class. He said that while the modest increase in salaries and pensions may not fully meet public expectations, it should still provide some relief amid the ongoing inflationary pressure. Mian Zahid termed the tax collection target of Rs 14,100 billion as extraordinary, noting that it is 20 percent higher than the actual collection in the previous budget. Achieving this target without broadening the tax base will be difficult, he said, yet necessary for long-term economic stability. He further stated that the imposition of carbon levies on petrol, diesel, and furnace oil would push prices even higher, thereby aggravating inflation and indirectly impacting both the economy and the people. In conclusion, Mian Zahid Hussain stated that the budget does reflect efforts toward stability, but long-term, sustainable growth requires strategic depth, vision, and protection of renewable energy, online businesses, and social sectors. He urged the government to allocate funds in the budget to safeguard these areas, thereby strengthening the country's economic foundations. The need for these strategic reforms is urgent, and Mian Zahid Hussain's call for action is clear. Copyright Business Recorder, 2025
Business Recorder
07-06-2025
- Business
- Business Recorder
Businessman says community optimistic about budget prospects
KARACHI: The Chairman of National Business Group Pakistan, the President of the Pakistan Businessmen and Intellectuals Forum, the President of All Karachi Industrial Alliance, the Chairman of the FPCCI Advisory Board, and the President and former provincial minister, Mian Zahid Hussain, said that the business community has high expectations from the new budget. He said that amid an ongoing economic crisis, high inflation, and widespread unemployment, the public is looking to the government for a budget that offers meaningful relief, enabling the industrial and trade sectors to move toward stability, ease of doing business, and growth. He said that the private sector seeks a budget that promotes investment, lowers production costs, broadens the tax base, boosts exports, eliminates the trade deficit, and helps the economy function at full strength. At the same time, an increase in the defence budget is essential. Concrete measures must also be introduced to promote austerity, control unnecessary spending, and curb corruption. Mian Zahid Hussain said the Pakistani economy has been under pressure for several years. While measures taken under IMF conditions helped Pakistan avoid default, they also burdened the population with unemployment and inflation. Given these circumstances, the new budget must combine public relief with structural economic reforms. He added that unnecessary subsidies should be eliminated, tax exemptions must be reviewed, government expenditures must be curtailed, and failing state-owned enterprises should be privatized. Mian Zahid Hussain emphasized that agriculture, IT, exports, and the SME sector must be prioritized for support so that they can generate jobs and strengthen the economy. Operationalizing special economic zones, ensuring uninterrupted and affordable energy supply, and improving infrastructure should also be priorities. He further stated that the budget should not be viewed merely as a tool for increasing revenue but rather as a means of promoting public welfare, industrial progress, and poverty reduction. Without a sustainable economic vision and a clear roadmap, temporary steps will yield no long-term benefits. He emphasized that the people of Pakistan have already made many sacrifices, and the time has come to offer them relief. If the government presents a well-directed and thoughtful budget, it will not only contribute to economic stability but will also help restore public confidence and bring political stability. Mian Zahid Hussain underscored the need for national consensus, wisdom, and foresight to steer the economy forward. All this is possible through a balanced, comprehensive, and people-friendly budget. He concluded by saying that if economic policies are continued without disruption, an investor-friendly environment is created, undue pressure on industrialists is alleviated, and the tax system is simplified and made fair, both domestic and foreign investment will increase. Taxpayers should be respected, and non-filers should be encouraged to bring themselves into the legal framework. Copyright Business Recorder, 2025
Business Recorder
26-05-2025
- Business
- Business Recorder
Businessman says Pakistan's weak economy impediment to social welfare steps
KARACHI: The Chairman of National Business Group Pakistan, the President of the Pakistan Businessmen and Intellectuals Forum, the President of All Karachi Industrial Alliance, the Chairman of the FPCCI Advisory Board, Mian Zahid Hussain said that sustainable development requires strengthening both defence and the economy, as a weak economy is the biggest obstacle to national sovereignty, stability, and public welfare. He said that the current economic growth rate is inadequate to meet the country's defence and public welfare needs. He stressed that an increase in Pakistan's defence budget has become inevitable in the face of a cunning adversary like India, which spends ten times more on defence. Mian Zahid Hussain highlighted the need to expand Pakistan's economy to USD 1 trillion annually, as declared by Prime Minister Shahbaz Sharif. This is in contrast to the current economic size of only $411 billion in the ongoing fiscal year. He said that industrial development is essential to provide public relief and create jobs. However, the economic growth rate is expected to fall short of the target, likely ending at just 2.6%, which is alarming for a country where 70% of the population comprises youth. He noted that such low growth makes it impossible to generate sufficient employment opportunities, which will only worsen unemployment, poverty, and inflation. Mian Zahid Hussain urged the government to take immediate and comprehensive measures to stabilize the economy and ensure consistent increase in the growth rate. He identified poor performance in the agriculture and industrial sectors as major contributors to economic stagnation. Furthermore, he warned that Pakistan's high interest rates are obstructing industrial productivity. Lowering energy costs and reducing interest rates are critical to decreasing production expenses and restoring investor confidence. He stressed the importance of adopting fresh, practical economic policies instead of repeating outdated and failed strategies. These new policies should focus on increasing both the overall size of the economy and the growth rate. He warned that if the economic trajectory is not corrected, the country's sovereignty could be at risk. He advocated facilitating the private sector to stimulate investment, increasing exports, substituting imports, and reducing the trade deficit. He called for redirecting all national resources, policies, and energies toward export promotion. Furthermore, he emphasized the urgency of curbing the wastage of national resources and strengthening the productive sectors. A simplified, fair, and transparent tax system, backed by complete digitalization of all transactions, is vital to restoring economic confidence. Lastly, he underlined the importance of equipping the youth with skills to ensure employment and economic participation. Copyright Business Recorder, 2025
Business Recorder
26-05-2025
- Business
- Business Recorder
Businessman says weak economy impediment to social welfare steps
KARACHI: The Chairman of National Business Group Pakistan, the President of the Pakistan Businessmen and Intellectuals Forum, the President of All Karachi Industrial Alliance, the Chairman of the FPCCI Advisory Board, Mian Zahid Hussain said that sustainable development requires strengthening both defence and the economy, as a weak economy is the biggest obstacle to national sovereignty, stability, and public welfare. He said that the current economic growth rate is inadequate to meet the country's defence and public welfare needs. He stressed that an increase in Pakistan's defence budget has become inevitable in the face of a cunning adversary like India, which spends ten times more on defence. Mian Zahid Hussain highlighted the need to expand Pakistan's economy to USD 1 trillion annually, as declared by Prime Minister Shahbaz Sharif. This is in contrast to the current economic size of only $411 billion in the ongoing fiscal year. He said that industrial development is essential to provide public relief and create jobs. However, the economic growth rate is expected to fall short of the target, likely ending at just 2.6%, which is alarming for a country where 70% of the population comprises youth. He noted that such low growth makes it impossible to generate sufficient employment opportunities, which will only worsen unemployment, poverty, and inflation. Mian Zahid Hussain urged the government to take immediate and comprehensive measures to stabilize the economy and ensure consistent increase in the growth rate. He identified poor performance in the agriculture and industrial sectors as major contributors to economic stagnation. Furthermore, he warned that Pakistan's high interest rates are obstructing industrial productivity. Lowering energy costs and reducing interest rates are critical to decreasing production expenses and restoring investor confidence. He stressed the importance of adopting fresh, practical economic policies instead of repeating outdated and failed strategies. These new policies should focus on increasing both the overall size of the economy and the growth rate. He warned that if the economic trajectory is not corrected, the country's sovereignty could be at risk. He advocated facilitating the private sector to stimulate investment, increasing exports, substituting imports, and reducing the trade deficit. He called for redirecting all national resources, policies, and energies toward export promotion. Furthermore, he emphasized the urgency of curbing the wastage of national resources and strengthening the productive sectors. A simplified, fair, and transparent tax system, backed by complete digitalization of all transactions, is vital to restoring economic confidence. Lastly, he underlined the importance of equipping the youth with skills to ensure employment and economic participation. Copyright Business Recorder, 2025
