Pakistan Must Work Hard for Economic Growth: UBG Patron-in-Chief S.M. Tanveer

Karachi, – Patron-in-Chief of the United Business Group (UBG), S.M. Tanveer, addressed a press conference in Karachi, emphasizing the need for urgent and determined efforts to revive Pakistan’s economy.

Tanveer stated that the current pace of progress is insufficient, and if Pakistan wants to compete globally—especially with countries like India—it must aim to become an “Asian Tiger.”

“The country must work hard for real development. The economy cannot run on loans forever. It’s shameful,” he said.

He highlighted that Pakistan aims to increase its exports to $100 billion, a goal that requires strategic reforms and consistent efforts. Tanveer added that although electricity prices have been reduced slightly, more action is needed to bring rates down to 9 cents per unit, which he called “a battle we are fighting.”

He pointed to expensive energy and IPP (Independent Power Producer) contracts as major obstacles to growth. “The high cost of electricity is the biggest issue. These IPP agreements are a burden,” he said.

Tanveer criticized administrative systems, stating that local commissioners lack proper ownership of their areas, and overall governance seems to be failing. “It feels like the system is collapsing,” he remarked.

He also expressed concern over the National Finance Commission (NFC) Award, saying its benefits are not reaching the common man.

“The economy is not progressing—it’s going in the wrong direction. Inflation, unemployment, and weak policies are major hurdles,” he added.

Tanveer stressed that the President, Prime Minister, and all stakeholders have a shared target: economic revival. He further noted that over the past 18 months, steps have been taken to improve the economy, but stronger implementation is needed.

Regarding regional security, Tanveer commended the Pakistan Army for giving a “strong response” to any aggression from India.

He concluded by saying that all sectors in Pakistan have the potential to grow, but it will require unity, commitment, and serious reforms to change the current economic direction.