FAISALABAD: Solidarity and integrity of Pakistan is directly linked with the stable economy and in this connection charter of economy is imperative to save it from the unnecessary political upheavals, said Dr Khurram Tariq, President Faisalabad Chamber of Commerce & Industry (FCCI).
Addressing a meeting of former presidents and executive committee members, he said that the government must realize the gravity of the situation and finalize the draft of the charter of economy by taking all stakeholders including political parties on board.
He said that continuity of economic policies is imperative for uninterrupted and sustained industrial, commercial and business growth without derailing it with the change of governments.
He explained his visits to Karachi and Islamabad where he had discussed the critical economic issues with the policy makers and business leaders. He also briefed the participants of the meeting about the decisions taken in All Pakistan Chambers Summit-2023 organized by the RCCI.
He said that all economic indicators are in the red zone while the bloodbath of stock exchange has already rang the final whistle. He said that the current account deficit is increasing with every passing day and it may become unbearable within the next few years.
He also criticised the political uncertainty which has jeopardized the overall economic activities. He further said that Pakistan has to accept the conditionality of IMF to get a minor tranche of only one billion dollars.
He said that the contribution of the business community is much more than the IMF and government must protect their legitimate interests. He said that an increase of US two billion dollars per annum in trade is not a major issue provided the government take into confidence and facilitates the business community by ensuring a congenial and peaceful environment in the country.
He lamented that the successive governments failed to realize the importance of the business community in policy making and instead they are wasting time in rampant policy changes just for their own petty political and vested interests.
He said that in the prevailing situation no investor could implement its long term strategy while the political polarization is fomenting unprecedented uncertainty in the country.
He said that the business community and Pakistan are direct victims of this situation while on the other hand the political players are not ready to mend their ways.
He said that only one ship is cleared out of five ships anchored at ports.
“The reason behind it is the shortage of dollars”, he said and added that it has created a shortage of raw material which has further reduced the industrial, commercial and business activities in the country.
He feared that the worst kind of unemployment would hit the country hard while we could not overrule the chances of bankruptcy.
He urged the political parties to come out of their parochial cocoons and sign the charter of economy in the greater interest of the nation and country. He warned that if political parties remained adamant, the business community would be forced to take stringent measures at its own including a country wide call to boycott the election.
He said that the election without the active participation of “bread earners” would have no constitutional, legal or moral standing as politicians alone could not save the country from the economic mess.
He said that the business community is committed to the charter of economy and is ready to play its proactive role to protect the greater economic interest of the country instead of falling prey to the politicking of selfish politicians.
He requested the former presidents and executive members to sensitize the business community within their influential circles to get them ready to protect their economic interests instead of playing in the hands of politicians.
The meeting was also addressed by Senior Vice President Dr Sajjad Arshad, Senior Vice President Muhammad Aslam Bhalli, former presidents Mian Muhammad Idrees, Atif Munir Sheikh, Muzamil Sultan, Ayub Sabir, Shabbir Hussain Chawala, Chaudhary Muhammad Nawaz and Bilal Waheed Sheikh, Ayub Aslam Manj, Engineer Ahmad Hassan, Muhammad Tayyab, Muhammad Azhar Chaudhary, Kashif Zia, Arif Ihsan Malik, Muhammad Amjad Khawaja and Sheikh Muhammad Fazil.
Copyright Business Recorder, 2023
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