FCCI president advocates Charter of Economy for ‘survival of country’

FAISALABAD: “Charter of Economy” (CE) is imperative for the economic survival of Pakistan and all political parties must realize the gravity of the situation and sign it in greater interest of the nation and country, said Atif Munir Sheikh, President Faisalabad Chamber of Commerce & Industry (FCCI).

Addressing a press conference along with the representative of all local trade bodies and associations, he said that political instability had played havoc with the country. “The unprecedented appreciation of dollar is the main cause to destabilize the economy which is directly influenced with the prevailing political uncertainty,” he said, adding that the value of their capital had recorded a steep decline and their assets had now been reduced to almost nil.

He said the business community would suffer in the current situation by running their factories or shops and hence they had decided to close down their businesses. He said the government was playing a role of silent spectator while dollar appreciation coupled with heavy taxation, hike in interest rate, tariff of electricity, gas and patrol had further increased their cost of production and they had been forced to close down their businesses to save them from further losses.

He said that in that abysmal situation, the FBR was also harassing the business community by serving them notices, adding it was a pity that a unit of Rs10 million had received a notice of Rs10.25 million. He said “political parties must play their role to eliminate prevailing uncertainty and if they failed to do so, we would be constrained to boycott them.”

He warned that 1.2 million workers would be rendered jobless in Faisalabad alone if the industrial wheel came to a grinding halt. He said 58 chambers were in touch with him and they fully endorsed his idea that political parties must sign the charter of economy to save the dwindling economy.

He clarified that the move was totally non-political and they were considering resorting to protestation, stage long march or sit-in immediately after the Ashura Muharram in addition to pulling down their shutters. “This strike may be for an indefinite period,” he warned and criticized banks that were plundering businessmen in the wake of dollar appreciation. He demanded that the government must conduct an impartial forensic audit of banks and those found guilty of unfair practices might be punished with heavy penalties or cancellation of their licences.

Responding to a question, he said that political parties failing to sign CE might face a boycott from the business community. He reiterated that the business community had no political motives and their effort was only to save the country from a default like situation.

Atif Munir Sheikh said that rates of electricity and gas had also been increased for the five major export sectors while appreciation of dollar had multiplied their cost of production. Replying to yet another question, he said that “we fully support the call of strike given by Anjamn-e-Tajran against the taxation of commercial electricity bills.”

The office-bearers of different trade bodies and associations also participated in this press conference by wearing black bands around their arms.

Vice President FCCI Rana Fayyaz Ahmad, Rana Ihtasham Javed, Shakeel Ahmad Ansari, Muhammad Shafique, Kashif Zia, Arif Ihsan Malik and other leaders also briefly addressed the press conference.

Copyright Business Recorder, 2022