ISLAMABAD, May 29 (ABC): Supporting locally-owned small businesses has significant positive economic impacts—even before our world was struck with the COVID-19 pandemic.
Meher Kashif Younis, former senior Vice President Lahore chamber while talking to a delegation of young educated progressive women led by Ms Noora Ahmad from Sialkot here on Sunday said It’s important that we continue to support our communities and look to our local small business for the essentials we are purchasing.
He said spending locally ensures that your sales taxes are reinvested in the local economy, which results in improvements in the community. Highlighting his point of view, he said 100 rupees spent at locally-owned businesses is reinvested into the local economy through wages, goods and services, profits, and donations.
He said women entrepreneurs and minority-owned businesses hire more people of color and pay higher wages than larger national chains.
He stressed the urgent need of focusing on the improvement of the locally manufactured and assembled products at par with national and global standards to attract local and foreign buyers besides fully encouraging buying made in Pakistan rather than foreign products.
He said our people are patriotic and always loved buy Pak products even if it at least meets national standards.He said prime minister in prevailing economic crunch clamped ban on imports of luxurious items to avert further loss and now its high time for people from all strata of the society to only buy indigenous products which definitely encourage local investors.
Meher Kashif Younis said buying from small businesses that source local products can reduce environmental impact.
For example, small businesses clustered near residential areas may reduce automobile use and traffic congestion, resulting in better air quality and less urban sprawl.
He said according to a research report by the Punjab Environment Protection Authority “that business located in smart growth places can help protect environmental resources.”
He said local businesses add to the diversity of products and services available to a community.
He called upon the women which constitute 49 percent of the total the population switch over their energies towards national development and contribute in every sphere of life because women are hope of the country.
He offered internship to educated youths of either gender in his model steel group of companies especially to encourage the women in every walk of life.
Meher Kashif emphasised the need of conducting made in Pakistan expose across the country at all important cities to promote local products which are even cheaper than imported one.
He said chambers of commerce and industry should come forward and take bold initiative in the larger national interests by facilitating and sponso the holding of such expos.