Mian Mansha stresses need for improved regional ties

LAHORE: Nishat Group Chairman Mian Muhammad Mansha has stressed the need to improve relations with the regional countries, a statement said.

One of the reasons for Europe’s progress is the softening of borders and promotion of regional trade, he added.

Speaking at a ceremony at the Lahore Chamber of Commerce and Industry (LCCI) on Wednesday, Mansha said that the improved relations could cause Indian Prime Minister Narendra Modi to land in Pakistan within a month, adding that there are back-channel interactions between the two neighbouring countries.

Progressive market-oriented policies based on modern methods were key to success, he said, adding that Pakistan could truly achieve rapid growth from price controls, capital market operations, reducing trade barriers and minimising the state’s influence in the economy, especially through privatisation and austerity measures.

“Privatisation promotes various sectors of the economy. We have the example of the telecom sector where privatisation has made it possible for everyone to have access to everything from telephone to cheap calls,” he said.

“Motorways have been built in the country. At the same time, the state should also focus on those sectors on which billions of rupees are being lost annually,” the leading banker added.

The privatisation of airports along with the Pakistan International Airlines (PIA) would also increase the efficiency of the sector.

Similarly, railways is another department, which has now become a burden on the government, he said.

He held government responsible for the high cost of electricity.

Citing the example of Russia, he said to increase the tax base, the government should reduce rates.

“We have to eradicate poverty and all those things should be privatised that are becoming a burden on the government,” he said.

No country supply gas through pipes, which resulted in large-scale wastage and the government should bring major changes in the system to improve the situation.

In his address of welcome, LCCI President Mian Nauman Kabir congratulated Mian Mansha on his appointment as the chairman of the Advisory Council of the British Asian Trust in Pakistan.

“We all are witness to your illustrious career, extraordinary achievements, as an entrepreneur and one of the most successful Pakistani businessmen who have left a lasting footprint across Pakistan,” he said.

LCCI Senior Vice President Mian Rehman Aziz Chan, Vice President Haris Ateeq, Services Group Chief Executive Officer Chaudhry Arif Saeed, former presidents of the LCCI Sohail Lashari, Almas Haider, former senior vice president Amjad Ali Java and former vice presidents Zeeshan Khalil and Tahir Manzoor Chaudhry also spoke on the occasion.