Meeting with COAS was cordial: industry leaders – Newspaper

KARACHI: Several business leaders who met with the Chief of Staff of the Army (COAS), General Qamar Bajwa, in Rawalpindi on Wedenesday said Dawn that the meeting "took place in a comfortable and cordial atmosphere" and its main objective was to focus on areas where an economic renaissance could occur, as well as build trust between the government and the business community.

It all started with a dinner that started at 8 p.m., and the meeting continued until 1:30 a.m. A couple of participants described the food as "tasteless" and "nothing special, basically clutter food," during which the assembled delegates sat at several tables scattered around the room.

After the meal, they moved to the auditorium, where COAS sat flanked by the government's economic team, financial advisor Abdul Hafeez Shaikh, the president of the Federal Revenue Board Shabbar Zaidi and the minister of the Economic Affairs Division, Hammad Azhar

The COAS spoke briefly at the beginning. "I had a good mood, I was very knowledgeable," says one participant Dawn. "He had a very strong message that they were on the same page with the government, and he asked attendees to look forward, not backward, and help solve the economy."

General Bajwa stressed that the government and the army "are on the same page"

He reminded those present that "the years of excess will not change overnight, things will take time to rectify, but business as usual cannot continue," said one participant, adding that the language is paraphrased by heart and not the exact words of the boss.

After that, it was Shaikh's turn that reminded attendees that he had returned to serve Pakistan after leaving lucrative positions in Dubai and New York "because I think this is a crucial moment and we have the opportunity to make a difference." , according to the Participants. Then Hammad Azhar spoke, presenting data to support his message that the economy has stabilized and reminding the audience that "the IMF program was a frontal burden, unlike the previous ones."

After the government side had spoken, COAS asked Mian Mansha to open the discussion on the side of business delegates, according to a couple of people. Dawn talked with. Mansha emphasized state enterprises and the heavy burden that their losses impose on the national treasury and stressed that there is no other way but privatization. Then he turned to the construction sector as a possible site for the revival of the economy.

"He emphasized the backward and forward links that the construction sector has with other industries," says one participant who was sitting near Mansha. He talked about problems with entities such as the Lahore Development Authority and the Karachi Development Authority that create endless bureaucratic procedures in the way of builders, as well as land supply problems, land acquisition and legal problems faced by builders and Construction magnates

All participants say they criticized the fact that the National Responsibility Office interferes with commercial activities. "There was a lot of noise about the National Responsibility Office," said one person Dawn. "There is no one left whom NAB has not noticed," said another, adding that at a later meeting in Islamabad, the prime minister decided to establish a committee of four people who will decide whether the accountability monitoring action is justified or not. .

The textile sector talked about its problems with reimbursements, with Bashir Ali Mohammad of the Gul Ahmad Group speaking extensively on the subject. One proposal they presented was to allow reimbursement bonds recently issued by FBR to be adjustable against the liability of the income tax of the holders after expiration. "That will help create a secondary market for them," said one participant. Participants claimed that FBR President Shabbar Zaidi was receptive to the idea, but he himself was not available by phone to confirm it.

However, Mohammad Ali Tabba of the Lucky Cement Group, who had recently made waves with a televised interview in which he was unusually hard on the quality of the government's economic management, remained silent throughout the matter.

"I think these meetings will continue, maybe with the COAS but certainly with the prime minister," said one participant Dawn. "They gave an indication that after December inflation will begin to fall, and then perhaps interest rates could also follow suit."

The ISPR press release adds: After the debates and seminars on "Economy and Security Interaction", a closing session of interested parties organized by COAS was held in the Army Auditorium. The economic team of the government and businessmen of the country participated. COAS informed the participants about the improvement of the country's internal security environment, which has allowed space for greater economic activity. COAS said that the accessibility and responsiveness of the government's economic team to the business community and showed understanding between public and private institutions is a good sign of the positive trajectory envisaged in economic activity.

COAS said that national security is closely linked to the economy, while prosperity is a function of balance in security needs and economic growth. COAS said the goal of several discussions and seminars was to bring those interested together on a platform to make recommendations for a synergistic path forward.

The businessmen shared their suggestions to further improve the environment to facilitate the conduct of business and assured that they will cooperate in the implementation of government reforms and will also play their part paying taxes and investing in a socially and economically responsible manner.

Posted on Dawn, October 4, 2019