Coordinator Business Liaison of Federal Tax Ombudsman (FTO) and Managing Director of Model Group of Companies Mehar Kashif Younis has urged the government to focus on multilateral trade with the neighboring countries.
In an interview with Minute Mirror, Younis said that Pakistan should work on increasing multilateral trade with its neighbors and try to work on the foreign policy as well.
“Whenever as a businessman, I travel and meet different people in foreign countries, I have to firstly bust many myths related to Pakistan,” he said.
He added, “My role as a businessman changes into an image builder and I spend a lot of time in telling people how much Pakistani economy is evolving and whatever they hear about my country through western media is just propaganda.”
Younis also opined that the government should appoint businessmen as their goodwill ambassadors.
“The whole world is right now running on business diplomacy because everyone knows they have to get into that international coalition which is generating more business. If we cannot stabilize our economy, we cannot attract countries to do business with us,” he said.
He further said that their business model had a new slogan now, ‘Made in Pakistan’, and that all the products were for export.
“I am the second generation of my family who is leading the business and the next generation, which also includes women, are almost ready to take the reign,” he stated.
“For the young generation, I wanted to create a legacy that prioritizes our country and shows our patriotism. We believe in the products that are made in Pakistan and they all are export quality. There will be very less number of products which are exclusively for our local purchase,” he stated.
Regarding the current inflation, Younis gave five important suggestions to the entrepreneurs. He said, “It is very important to guide the young people who want to become an entrepreneur. Pakistan is filled with talent and we have some amazing kids who are ambitious, but they just need a little bit of guidance. To them, I want to give five suggestions.”
- Consolidate:
They should consolidate all of their efforts and assets to survive in this situation. All the manpower and trained staff should be given a sense of security and trust by their employer.
- Cash Quadrant:
Cash is the king in the current situation. The assets which are in other forms i.e. real estate or gold, cannot help in this unprecedented situation, which is why entrepreneurs should keep their cash flow complete.
- Flow of operation:
To keep the operational flow functional, try to deal with ‘credit in-cash out’ or ‘cash in-cash out’. As long as you have your cash, you are in power.
- Goodwill gesture:
This is a tough time for everyone. Try to show a goodwill gesture by not pressurizing the other stakeholders. Try to be good with your all acquaintances.
- Stay cost effective:
Do not experiment with new models where you lose your money and time. Make short term goals to avoid getting stuck with credit.
While discussing his role as a coordinator to the federal tax ombudsperson, he said, “It has been a great experience for me. We have set the complaints from the business community as our priority and now, in a record-breaking 20-25 days, all the complaints get resolved.”
While discussing the geo-political situation, Younis said, “We have some amazing inspirations in our neighbors. India, China, Indonesia, Malaysia and Iran have adopted different models for a prosperous economy. They all have their issues but they are surviving somehow. We have to see all of these options and try to find a balance model where we could get out from the IMF circle and increase our own capacity of generating capital.”
Younis also discussed the importance of food security, energy reserves and border security. “Many of our neighbors are self-sufficient in energy; we should definitely explore our cheap energy options,” he was of the view.
He added, “Many other regional players can help us in different industrial set-ups. The biggest issue of Pakistan at the moment is lack of governance that comes with political stability.”
He opined that all political parties should try to make short-term plans related to food, energy and border security.
“That’s how we can grow as a nation,” he said.
