 Good to see you back and we are back with corporate governance and today we are going to be talking about a very important topic which is business and public policy. Nowadays, ladies and gentlemen, we are seeing that the 21st century is basically dominated by the private sector, by businesses, by economy, by economics and most important by supply and demand. Nowadays, we are seeing that there is a global furror which is going on especially in the post COVID scenario. After the COVID, what we have seen is that businesses have been drastically affected and COVID has created many fissures and many issues and many problems which has resulted in the realignment and recalibration of business and of public policy. Now, both of these two very important elements have to go hand in glove, have to be dovetail together because business without public policy or public policy without business cannot make an impact. Ladies and gentlemen, the world is at a juncture where there is great need and a great desire that business and public policy should be coherent, should be harmonized, should be synchronized and should be able to proceed together in such a way that the economy is optimized and the quality of life can be improved for all of the stakeholders. When we are talking about business, then again we can understand that there are many implications, many complications and many dimensions of how it can be done in a better way for the betterment of all. And when we are talking about public policy, then we are talking about the intrusion of government with business and how the government can act as a facilitator, as a regulator and as an optimizer whereby businesses can be more lucrative, whereby investment can come into national economies and especially the fact that businesses can flourish without unnecessary limitations, constraints, barriers or obstacles and that is what this whole relationship is about. Now, ladies and gentlemen, when we are talking about business, then we are talking about a puristic system and we are talking about very high economic stakes which are involved with all of this. It becomes very important that public policy tends to ensure that business in the short term, in the medium term and in the long term can flourish. Now, what we see is that public policy has to be made through a participative approach whereby businessmen are involved in the formulation of public policy. And secondly, what is very necessary is that the intrusion of government should not become so obsessive or so intrusive that businesses cannot tend to flourish and what we see is that there are different regimens such as tax, such as licensing, such as different approvals, such as different trade policies or financial policies, all of them have a huge impact on how businesses tend to move forward. And what we see in the context of Pakistan is that again, public policy tends to fluctuate from government to government and that makes it inconsistent. There is a great need that public policy which is related to business, there has to be a continuation, there has to be a continuum whereby these businesses can move forward and can plan ten years ahead, five years ahead, three years ahead and one year ahead and for that public policy is extremely important. Another very important aspect is that what we see is that businesses tend to counterbalance other social interests and again it is a very, very important stakeholder for government. It is the one which is providing the cash and finance impetus. It is the one which is doing corporate social responsibility. It is the one who are providing exports and also imports but from exports basically getting very, very, very pertinent and high value dollars whereby the balance of payment can be maintained. It is the biggest employer for the citizens of a country and for Pakistan in particular. So all of these businesses are playing a very vital role whereby they are keeping the economy churning forward and providing opportunities to the majority of other stakeholders and citizens of Pakistan and therefore the public policy has to be commensurate with the different global, regional and national level businesses which are taking place. Now again it is very important that businesses should be involved and again when they are not involved then they have its own implications because then wrong policies are formulated which can drastically affect negatively affect the economy. We also have to see that these same businesses also tend to promote different political interests and therefore they are involved in lobbying and that also has to be curtailed to a certain extent because when there is over lobbying then what we see is that it tends to permeate in the form of corruption, in the form of adverse business practices whereby we see that quality is compromised and again the rights of labour which is a very important stakeholder they are also sacrilege. So it becomes very important that the government and the business community go hand in glove and ensure that things are done in the right way according to laws, according to conventions, according to rules and regulations and according to best global practices to ensure that things go in the right direction. Now when we are looking at it sometimes we see that businesses tend to become too powerful or too big and therefore have a major domination on politics and also the fact that when business risks are not properly mitigated then they also have a adverse effect on politics and therefore it becomes very important to ensure that again things are done and regulated in the best possible way through a coherent, through a dynamic and through a inclusive holistic public policy for the betterment of all stakeholders and in particular business. Ladies and gentlemen we can see that there can be different levels of involvement there can be financial involvement and in that there could be a political action committee which can be done and then we have a very, very important stakeholder which are the different trade associations. For example, we see that the major industrial cities like Lahore has a Lahore Chamber of Commerce and Industry like Karachi has a Karachi Chamber of Commerce and Industry, Royal Bindi Chamber of Commerce Industry, Sialkot Chamber of Commerce Industry. So every major cluster area has its own chambers of commerce and then there are institutions like Eptema the All Pakistan Textile Manufacturing Association. There are different associations related to different sectors of the business and then we also have the Supra body which is called the FPCCI, the Federation of Pakistan Chamber of Commerce and Industries. So all of these are very, very important involvement and they have different financial interests and they ensure that they tend to provide the right feedback and the right data so that government can make better policy. Then they can be organizational involvement and that could be lobbying whereby there are certain interest groups for example, in Pakistan we have a sugar lobby, we have a wheat lobby, we have a cement lobby, we have an automobile lobby. So these are different lobbies which tend to influence public policy and then lastly it's very important that there should be a strategic public policy involvement and the public policy could be at a strategic level and not at a tactical level. It's important that the government provides a catalyzer, provides impetus, provides energy for the next 10 years, 20 years, 30 years and that is extremely important so that all of this gets together. So the financial involvement, the organizational involvement and the strategic context are very important components of public policy which stood like I mentioned earlier facilitate businesses to facilitate the economy and ensure that the rights of all stakeholders are protected. No right is encroached, no right is infringed and there should be an equitable approach towards public policy which would at the end as an objective tend to promote business within a country, within a region and also at a global level. Thank you so much.