KARACHI: Muhammad Suleman Chawla, Acting President Federation of Pakistan Chambers of Commerce and Industry (FPCCI), has welcomed the appointment of Gohar Ejaz as caretaker Federal Minister for Commerce & Industries, saying it will facilitate the representation of trade and industry in the caretaker setup at this crucial juncture in Pakistan’s economic history.
We needed a strong voice in the interim setup from within the industry and Gohar Ejaz is an excellent choice for his exceptional credentials as an industrialist and exporter himself, he added.
Mian Nasser Hyatt Maggo, immediate past President FPCCI, maintained that the illustrious track record of Gohar Ejaz speaks volumes on his ability to come up with practical solutions to the economic problems and get things done.
Therefore, FPCCI is optimistic that Gohar Ejaz will be an effective & productive commerce minister and deliver the results for trade and industry, he added.
Suleman Chawla highlighted the fact that textiles, the mainstay of Pakistani exports has recorded a major contraction of 15 percent in the first month of FY24; as it decreased from $1.54 billion in July 2022 to $1.31 billion in July 2023. It is pertinent to note that the textile exports continued to decrease in the later eight months of FY23 consecutively, i.e., November 2022 to June 2023.
Acting FPCCI Chief also welcomed the promising economic team of the federal caretaker government under Prime Minister Anwaar-ul-Haq Kakar, specifically, Shamshad Akhtar, Minister for Finance& Revenue; Muhammad Ali, Minster for Power & Petroleum; Sami Saeed, Minister for Planning & Development and Dr Waqar Masood, Advisor on Finance.
Chawla stressed that economic stabilisation should be on top the agenda for the federal cabinet in these times of crisis and their strategy’s salient features should include: (i) macroeconomic management in consultation with real stakeholders of the economy, i.e., business community; (ii) cost of doing business should at least see the status quo maintained instead of further increase in SBP’s key policy rate; any more increase in electricity tariffs or any further hike in petroleum prices; (iii) exchange rate should be stabilised to tackle economic uncertainty & volatility.
Mian Anjum Nisar, former President FPCCI, apprised that the new economic team has all what it takes to keep the economic, industrial, trade, investment, commercial and business activities afloat in the country; and, the business community has extended their full support to the caretaker governments in the centre & provinces in the broader national interest.
Copyright Business Recorder, 2023
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