F.P. Report
KARACHI : United Business Group (UBG) Patron-in-Chief SM Tanveer has declared that Pakistan must rise as an “Asian Tiger” to counter India, stressing that India “will not slow down” in its competition with China.
Speaking at a press conference in Karachi, he underlined the urgency of strengthening Pakistan’s economy to face regional challenges.
Energy targets
Tanveer welcomed recent reductions in electricity tariffs but called for further reforms, setting a target of lowering power costs to Rs26 per unit. He emphasised that broad opportunities for development exist across all sectors, while the government aims to raise exports to $100 billion. He urged collective hard work to achieve national growth.
Economic challenges
He identified unemployment and inflation as the main barriers to progress, pointing out that Pakistan holds $4–5 trillion worth of natural resources while its GDP currently stands at $412 billion. “With our present trajectory, this is not sustainable,” he remarked.
He added that despite a population increase to 250 million, Pakistan still operates with just four provinces, the same as when the population was only a few crores. He urged work at district and divisional levels to properly organise local economies.
Governance and resources
SM Tanveer highlighted that under the National Finance Commission (NFC) Award, the federal government receives 42 percent while provinces receive 58 percent, yet the distribution fails to trickle down effectively. He criticised the lack of ownership at divisional levels, noting that commissioners are frequently transferred within six months.
Regional outlook
He reiterated that Pakistan must strengthen its economy to face India, asserting that United Business Group’s role is not political but focused on identifying issues.
Tanveer questioned why Pakistan does not purchase oil from neighbouring Iran despite a shared border.
He also noted that while Pakistan is an agricultural nation, it lags behind many countries in the sector.
He welcomed news of potential US investments in Pakistan, describing it as a positive sign for the future.
