KARACHI: Atif Ikram Sheikh, President FPCCI, has termed the statement of Murtaza Wahab, Mayor Karachi, as confused, insensitive and unnecessary. He is an elected mayor of Pakistan’s largest city; which is also happens to be one of the world’s largest cities, he should have avoided giving such an irresponsible statement, he added.
Atif Ikram Sheikh apprised that Presidents of all Sindh-based chambers of commerce gathered in FPCCI Head Office, Federation House, Karachi, to propose practical solutions to Sindh’s infrastructure, law & order and ease of doing business-related issues. FPCCI speaks for the entire Sindh – be it cities large or small, towns, industrial states or its highways. We want development and uplift across the board, he added.
FPCCI Chief expressed his concerns that Hyderabad – Sukkur Motorway has been delayed multiple times and the delay continues to hamper the economic, industrial and commercial development of these two important cities of Sindh. He questioned what is stopping the governments – federal or provincial – to not letting Sindh benefit from the completion of the project?
Atif Ikram Sheikh informed that it has been decided that FPCCI will provide women entrepreneurs with exhibition areas in its offices; and, it will also educate and facilitate businesswomen to enter into export markets. If our women are enabled to export their products, there will be an economic transformation in the country on a grass-roots level; which will be export-driven, he added.
President FPCCI demanded that there should be a reduction of 500 basis points (bps) in the key policy rate in the upcoming monetary policy committee (MPC) meeting on December 16, 2024. The consumer price index (CPI) has crashed to 4.9 percent in November 2024; and, the policy rate remains at 15 percent. It is a premium of 1,010 bps; and, no economy can grow at this policy rate. He termed reduction in policy rate as the primary demand of FPCCI in a macroeconomic framework.
S. M. Tanveer, Patron-in-Chief, UBG, maintained that the vibrant, dynamic and enterprising CCIs – Chambers of Commerce & Industry – are leading from the front to promote industrialization, economic development and employment generation in the Sindh province. He demanded that industrial areas of Sindh are in need of infrastructure, water, gas, solid waste management and law & order. If the provincial government can provide us these basic amenities, we will industrialize the province with multi-sectoral, export-oriented and game-changer industrial units, he added.
Saquib Fayyaz Magoon, SVP FPCCI, raised the issue of Nawabshah Airport as the airport itself is ready; but, for some unknown reasons, it has not yet been operationalized by the Sindh government. Nawabshah can see a flurry of new businesses, foreign & domestic investments, industrial units and joint ventures with other businessmen from Pakistan, if the airport is operationalized. Not only that, many adjoining districts of Nawabshah will also have the trickle-down economic benefits, he added.
Copyright Business Recorder, 2024
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