Now that the nation is facing one of its worst economic crises, it is imperative that the business community and government work together to create a strong, resilient economy. When meeting with well-known businessmen in Karachi on Wednesday, Prime Minister Shehbaz Sharif took the initiative to ask for their support for the government’s attempts to resurrect the faltering economy.

We are counting on you to step up now and close this rental business. For the next five years, let’s concentrate on real growth in the agricultural and industrial sectors to quadruple exports. It’s challenging, but not insurmountable,” he informed them. In addition, he discussed Bangladesh’s economic achievements and how, despite once being seen as a “burden” on West Pakistan before to its secession, the nation had managed to completely change its economy. He committed to incorporating suggestions from the business community into a thorough plan for economic progress.

The neighbourhood, however, was not without its concerns. It outlined the three main areas it believes are critical for an economic recovery: mending the country’s broken trade relations with India; resolving domestic political unrest by working with the imprisoned PTI leader Imran Khan; and lowering operating costs by lowering the cost of energy for manufacturing. Without a doubt, these problems are preventing a favourable business environment, which is necessary to increase private investment and economic expansion. To steer the economy out of its current crisis, the business community and the government must collaborate to overcome these obstacles.

For instance, take into consideration the demand for the restoration of trade ties with India. Any attempt in this approach may encounter opposition from some quarters under the current political regime. Despite the significant challenges, the administration should nevertheless take action to ease tensions with India, no matter how little, especially in light of New Delhi’s antagonistic posture under Narendra Modi. Enhancing bilateral cooperation for economic advancement is something that the PML-N leadership has declared a willingness to do, and this might be beneficial for the broader economic cooperation of South Asia. Reconciliation with Mr. Khan is also a difficult matter. Mr. Khan does not seem particularly opposed to reaching a deal with the ruling class, but he has not yet demonstrated any desire to speak with political competitors. In conclusion, it is challenging to satisfy the industry’s need for reduced energy costs while Pakistan is still a part of the IMF stabilisation plan.

It’s true that business conditions are exceedingly challenging. But rather than aiding the government in resolving the current crisis, should businesspeople hold out for better times? Lastly, if the business community chooses to collaborate with the government, the settlement of other challenges like inconsistent policies and a limited tax base could improve business climate.