ISLAMABAD: Chambers of Commerce Presidents across Pakistan, Tuesday, urged that emergent measures be required to address the falling rupee, delay in the opening of letters of credit, improving ease of doing business, and suggested that industrial packages shall be announced to bring Pakistan out of economic crises.

The business community leaders rang alarm bells at the 15th edition of All Pakistan Chambers Presidents’ Conference under the banner of the International Chamber Summit (ICS 2023) being organised by Rawalpindi Chamber of Commerce and Industry (RCCI) in Islamabad, on Tuesday.

The Chambers of Commerce Presidents across Pakistan gathered at ICS 2023 conveyed their urgency and grievances to the representatives of the government.

Federal Minister for Industries and Production Syed Murtaza Mahmood, who also spoke on the occasion, said that the government will include the suggestions of the business community in the policy for the improvement of the economy.

Currently, the country’s economy cannot afford any kind of political polarisation, we have to move towards value addition, the government will prioritise the recommendations of the Chambers to bring forward the non-traditional sectors, he added.

Saqib Rafiq, president of the Chamber, said that the International Chambers Summit 2023 is being held at a time when Pakistan is going through a difficult period in its history, with extremely low foreign exchange reserves, depreciating rupee, delay in the opening of letters of credit to exporters and importers. Interest rates are at record highs, inflation is high, and investor confidence is low.

The main objective of the conference was to gather feedback and recommendations from key stakeholders of the business community and present it to the government, he added.

Through this conference, the RCCI will also prepare a joint declaration which will be presented to all concerned government agencies and stakeholders which will definitely serve as policy guidelines for budget, fiscal and export policy, etc.

The key agenda points include taxes and their impact on the national economy, cost of doing business, Free Trade Agreements and Preferential Trade Agreements, Climate Change and National Economy, and E-commerce business in Pakistan.

Copyright Business Recorder, 2023