An in-depth discussion on the future of the economy. Our interview with Mr. Zafar Iqbal — Managing Director, SAI Group
PAGE: Tell me something about yourself, please:
Zafar Iqbal: I am Managing Director SAI Group, Founder President Defence Residents Society, Founder SAMEA, Founder Bazme Kiran and President Society for Promotion of Arabic.
PAGE: How was 2022 for small and medium enterprises in Pakistan?
Zafar Iqbal: The Year 2022 was full of struggle since Small & Medium Enterprises have been striving for survival. We all know the value of small and medium enterprises in the entire world. They are the engine of growth. There are around 5 million SMEs in Pakistan which contribute appropriately 40% of the GDP of our country and 25% in overall exports. After the agriculture sector, the SME sector provides employment to the highest percentage of the working population in the country.
PAGE: What is your standpoint on the energy sector of Pakistan?
Zafar Iqbal: The entire world has been grappling with the energy crisis and exorbitant costs during 2022. Due to the very high cost of fuel, electricity and rupee devaluation, it was challenging and burdensome for industrial, commercial and common men to bear high costs and survive. It was unprecedented.
PAGE: How would you comment on the government decisions in 2022 to spur economic growth?
Zafar Iqbal: Until the government does not provide relief to all sectors to facilitate and bring austerity in all departments of government to economize, there will be no improvements in economic conditions.
PAGE: Your perspective on foreign remittances during 2022?
Zafar Iqbal: Due to uncertain political and difficult situations, foreign remittances have been reduced and foreign investments withheld. It would be tremendous if Pakistan receives around $30 billion through remittances during the current fiscal year.