Government must evolve long-term economic policy: FPCCI

The Federation of Pakistan Chamber of Commerce and Industry (FPCCI), an apex body of chambers in the country on Sunday demanded that government must evolve a long term viable "Pakistan and Business" friendly economic policy with complete legislative cover for bringing sustained economic revolution in the country,
President FPCCI Zubair Ahmad Malik and VP SAARC CCI, Pak chapter Iftikhar Ali Malik in a joint statement today stressed the urgent need for fully exploiting indigenous natural resources and all stakeholders, in the greater national interest, must also be taken on board prior to formulation of all national economic policies.
Zubair said that the presidents of all chambers of commerce and industry during recent meeting at Bhurban had unanimously called for levying tax on agriculture income to broaden the tax net and construction of water reservoirs on top priority to meet the ever increasing energy needs of the country. The chambers' chiefs also urged leaders of all the political parties to help strengthen the democratic system in the larger national interest as political stability was essential for economic development and restoring confidence of foreign and local investors.
Zubair said in the coming days only such countries would survive which had a strong economic base. Foreign investment from multinational companies and private sectors will only pour in the country if democratic institutions are strengthened and a peaceful atmosphere prevails, he added.
The chambers chiefs drawn from all over the country suggested that a workable mechanism be devised amongst regions and stakeholders to review and reach a political consensus for construction of new water reservoirs and dams on war footings which were vital for power generation and boosting economic activities, besides bumper agriculture production in the country.
Regarding the women enterprise, the chiefs further suggested that separate SMEs and MSMEs policy for women entrepreneurs should also be developed and implemented as women could play a key role in nation building developments. About condition of state owned entities, they said that all board of directors of public sector should be restructured on merit and highly fairly competent professionals of international repute from private sector must be inducted in the boards to make them profit earning rather than incurring heavy financial losses and chairman should also be appointed by board of directors in accordance with international practices. The chambers chiefs had also reposed full confidence in the leadership of VP SAARC CCI, Pakistan Chapter and veteran trade leader Iftikhar Ali Malik.