LAHORE: In a press conference held on Monday, prominent business leaders SM Tanveer and Zaki Aijaz urged the government to take immediate action to secure $5 billion worth of textile orders from Bangladesh.

S.M Tanveer Patron-in-Chief of the United Business Group (UBG), and Zaki Aijaz, Regional Chairman of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) demanded a reduction in electricity tariffs, restoration of SRO 1125 for exports, and a decrease in interest rates.

They warned that if the government fails to act swiftly, these lucrative orders will be lost to India, Cambodia, or Vietnam. The leaders also expressed concern over the closure of textile industries in Faisalabad and announced that the UBG will present a plan of action to the Faisalabad Chamber of Commerce and Industry on August 23.

The government’s delay in resolving Investment Policy (IP) issues may result in Pakistan losing $5 billion worth of orders, they cautioned, emphasizing the need for prompt action to protect the country’s industrial assets.

Copyright Business Recorder, 2024