The Federation of Pakistan Chambers of Commerce & Industry (FPCCI), one of Pakistan’s largest industrial bodies, presented a Charter of Economy to Finance Minister Muhammad Aurangzeb on Tuesday.
According to a statement released by the Finance Division, a meeting was held today between Aurangzeb and a delegation from the FPCCI, led by Atif Ikram, President FPCCI, S. M. Tanveer, Patron-in-Chief, and Senator Noman Wazir, Chief Executive of FF Steel, KPK.
During the meeting, the FPCCI team emphasized that this charter was developed to foster political consensus and intended to meet with all stakeholders, including political parties, to form an effective economic strategy that transcends political divides and addresses Pakistan’s economic challenges.
“Their goal is to free the country from its economic calamities by prioritizing the nation’s development and economic growth, particularly to meet the needs of the growing population, especially the youth, who form the core of Pakistan’s demographic structure,” read the statement.
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Senator Noman Wazir Khattak provided a detailed presentation on the proposals and recommendations outlined in the Charter of Economy.
The key recommendations included the reorganization of specialized civil services with the establishment of dedicated groups in critical sectors such as energy, finance, industry, and health to lead policy formulation and ensure informed decision-making.
The charter also called for embracing solar and wind energy, seen as the cheapest sources of power, and proposed keeping wheeling charges for the Competitive Trading Bilateral Contract Market (CTBCM) at a maximum of Rs4 per KWh.
The presentation also emphasized a greater focus on regional trade and development financial institutions, with proposals for at least 20% of lending directed toward long-term CAPEX and 10% toward startup CAPEX, it said.
The trade body stated stable exchange rate was recommended to support exports and discourage imports that do not comply with the Pakistan Standards and Quality Control Authority (PSQCA).
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The charter also stressed the importance of a uniform gas pricing structure for industries across the country to promote industrial growth.
Further recommendations included transferring ownership of State-Owned Enterprises (SOEs) to employees, allowing them to manage these enterprises or privatize them, and converting their pension funds into equity.
The presentation proposed strategic reforms on various fronts, including debt management, trade partnerships, tax compliance, energy efficiency, and the exploitation of mineral resources.
It also called for a progressive taxation model for agriculture, better governance structures, pension and welfare reforms, digitalization, and improvements to the bankruptcy laws in Pakistan.
Finance Minister Aurangzeb welcomed the FPCCI delegation and praised their efforts in preparing a comprehensive and timely Charter of Economy, noting that such initiatives are crucial at this juncture, even when political parties agree on a common set of economic goals.
The finance minister reiterated that quick fixes would not suffice, and a steady, unified effort was required to drive Pakistan’s economic recovery.
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