In a groundbreaking move, business associations have announced their readiness to embrace the proposed "24-Hour Economy" policy, provided the government creates an enabling environment with necessary incentives. The announcement comes amid ongoing discussions about revitalizing the economy through extended operational hours.
Speaking during a press conference earlier today, representatives from various business associations, including the National Chamber of Commerce, highlighted the potential benefits of the policy. "The 24-hour economy has the power to boost productivity, create jobs, and increase revenue. However, we need clear support measures, such as tax reliefs, enhanced security, and infrastructure upgrades," said a spokesperson.
Key players in the retail, manufacturing, and hospitality sectors expressed optimism about the proposal but emphasized the importance of tackling challenges such as energy costs, workforce management, and public safety. "Operating round-the-clock requires a robust energy supply and reliable transport systems. Without these, the policy could face implementation hurdles," a representative from the retail sector stated.
The policy aims to increase economic activity by allowing businesses to operate beyond the traditional working hours, catering to diverse consumer needs and lifestyles. Proponents argue that this shift could position the country as a regional hub for commerce and tourism, especially as global markets become increasingly interconnected.
Labor unions and other stakeholders, however, have raised concerns about worker welfare under the proposed system. They are calling for regulations to ensure fair wages, proper shifts, and adequate rest periods for employees. "We support economic growth, but it must not come at the expense of workers' rights. A balanced approach is crucial," a union leader commented.
The government is expected to outline specific incentives and policies to support this transition in the coming weeks. Business owners have called on authorities to expedite these plans to ensure a smooth rollout.
As businesses gear up for this economic transformation, all eyes are on how the government will address concerns and provide the framework needed to make the 24-hour economy a reality.
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