LAHORE: A market-based economic model is the most effective tool for putting the economy back on rails and a mechanism in this regard needs to be evolved in collaboration with the private sector for progress and prosperity of the country. This was the upshot of speeches delivered at a seminar on ‘Economic management of Pakistan’ at the Lahore Chamber of Commerce and Industry.

LCCI Vice President Faisal Iqbal Sheikh said the Lahore Chamber was making best efforts for economic turnaround in the country. But, he said, to achieve the goal, involvement of all the stakeholders was a must. Unless and until public and private sectors joined hands, economic turnaround would remain a dream, he added.

“We as a nation would have to shed ad hocism once and for all if we want to put the country on path to progress and prosperity.” He said the LCCI in consultation with all political parties was trying to finalise a 15-year economic agenda which would ensure continuity of policies for being a prerequisite to progress and prosperity.

Capital Management Chairman Mohammad Muzaffar said it would be in the supreme national interest to switch over to a market-based economic model. For eradicating poverty, he said, the most important thing was balance in direct and indirect taxes. He said the government had a duty to correct the gross imbalance in direct and indirect taxes if poverty was to be eradicated.

This story was published in The News International January 24, 2010.