FAISALABAD: Economic stability of Pakistan is directly linked with harmony between bureaucracy and business community on the issues of continuity of policies in addition to selecting the right direction and making in time decisions, said Dr Sajjad Arshad Senior Vice President Faisalabad Chamber of Commerce & Industry (FCCI).
Addressing the participants of the 36 Mid-career Management Course in National Institute of Management (NIM) Islamabad, he introduced Faisalabad and FCCI and said that FCCI has 8,300 members are within its fold. “They belong to 118 different sectors and subsectors”, he said and added that FCCI was not only focusing on the economic issues haunting its members but also focusing on CSR and on the overall development of this city.
He said that Faisalabad is strategically located in the heart of Pakistan which has world known institutions like UAF, NIAB, NIBGE and FIEDMC etc. He said that textile is the iconic representation of Faisalabad at the global level and it was also providing 40% jobs to the workforce. He further said that the share of textile exports is 60% out of which 45% is directly contributed by Faisalabad alone. He identified rapidly changing economic policies, political uncertainty, and appreciation of dollar, price hike and inflation as major areas of concern.
He said that textile exports recorded negative 28% growth during the month of February while non availability and price hike of raw material, electricity and gas had further aggravated the situation.
Dr. Sajjad Arshad said that 50% industrial units have been closed down while the remaining are working with only 40% of their installed capacity. He said that cultivation of sugarcane in the traditional cotton belt has created a shortage of raw material for the textile sector and now we had to import it at high cost. He said that this situation would enhance the cost of production and our exportable surplus would become uncompetitive in the global markets. He said that predominantly Pakistan is an agricultural country but the situation has totally changed and we have become a net importing country from a net exporting country. He said that we are importing wheat, pulses and edible oil etc which has further enhanced our export bill. Responding to a question Dr. Sajjad said that we are self-sufficient only in maize production as 80% of it is consumed by the poultry industry. He said that we must take appropriate measures to enhance per acre yield in addition to processing and value addition of agriculture products. He was optimistic and said that we must sit together and make Pakistan a better living place for the next generations.
Earlier Madam Samreen Zahara, Directing staff NIM Islamabad said that study tours are an integral part of the training of Government officials which provide them an opportunity to directly interact with the business community and understand their perceptions and reservations. She said that Pakistan has huge potential in different sectors including tourism and we must make collaborative efforts to exploit it for the overall progress and prosperity of Pakistan.
Vice President FCCI Haji Muhammad Aslam Bhalli offered vote of thanks and said that industry and trade are interlinked with each other and a strategic balance between them is imperative to keep the wheel of national economy in progress. He said that although the current economic situation is not satisfactory, but we must play our individual role to put Pakistan on a growth trajectory.
SVP Dr. Sajjad Arshad presented FCCI shield to Madam Samreen Zahara, Directing Staff NIM Islamabad. A similar gesture of goodwill was also reciprocated by the NIM officials. Later Madam Samreen also recorded her impressions in the FCCI visitor’s book.
Copyright Business Recorder, 2023