FAISALABAD: Creation of Special Investment Facilitation Council (SIFC) is the natural outcome of the conscious realisation among the government, bureaucracy and business community about the necessity of uniformity, consistency in policies and availability of cheap inputs, said Dr Sajjad Arshad, Acting President Faisalabad Chamber of Commerce & Industry (FCCI).
He was addressing the participants of a delegation of 34th Senior Management Course at National Institute of Management (NIM) Lahore that visited FCCI here today. He termed the creation of SIFC as a right step in the right direction to drag out the economy from the continuous crisis by involving all stakeholders.
About textile, he said that Faisalabad alone was contributing 40% share in total textile export of Pakistan in addition to providing jobs to 40% workforce. He said that FCCI was fully aware of its CSR responsibilities and local industrialists are managing hospitals, universities and schools and thus helping the government to fulfil its basic responsibility of providing education and health cover to every individual.
Dr Sajjad Arshad said that electricity rates in Pakistan are highest in the region, which have almost doubled the cost of production and we are facing tough times from our competitors. He said that the government should provide electricity and gas at regionally competitive rates so that our exports could be increased in the global markets because of its excellent quality. He said that exports of Bangladesh have surged to $55bn while our exports have been slashed down from 23 to 11billion dollars.
Responding to a question about the agriculture sector, he said that Pakistan has become a net importer of different food products which is an eye opener for us. He said that last year the government had clamped down a ban on the import of soybean and it was lifted when half of the poultry industry was closed down. He said that the government took serious steps to control the smuggling of dollars which brought down its rates from Rs.330 to 285.
He said that the share of agriculture in GDP is 23% but it was contributing only 1% towards taxation. “Similarly share of textile in GDP is 18% but it was contributing 53% taxes”, he said and added that every segment must pay its due share to stabilize the national economy.
Amir Fayyaz Sponsor Directing Staff NIM Lahore appreciated the dynamic role of FCCI and said that the study tours of the under training officers is a regular feature of the syllabus and help officers to directly interact with the business community and understand their view point to the formulation of future economic policies.
Copyright Business Recorder, 2023
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