KARACHI: Atif Ikram Sheikh, President FPCCI, has sought Army Chief’s support in bringing electricity and gas tariffs down for trade & industry to facilitate them in contributing towards fulfilment of Army Chief’s vision of economic growth, revenue generation and employment creation in the country.
He apprised, on behalf of entire business, industry and trade community of Pakistan, that they support Army Chief’s resolve to bring economic stability, growth and prosperity to the nation.
We acknowledge and appreciate his candid and detailed consultation with the business community over their issues and recommendations in Karachi, he added.
President FPCCI applauded role of the state institutions in providing conducive environment for securing international monetary fund’s extended fund facility (IMF-EFF) through creating trust with friendly countries of China, Saudi Arabia and UAE vis-à-vis rollovers of bilateral loans.
It was an absolute prerequisite for the successful negotiation with the IMF, he added. Atif Ikram Sheikh also recognized the anchoring role of special investment facilitation council (SIFC) in ensuring continuity in economic policies and providing an enabling environment for foreign direct investment. Continuity, consistency and reliability is everything for Pakistan to attract FDI, he added.
FPCCI Chief reiterated his stance that there should be a charter of economy in Pakistan for the next 15 – 20 years; which should be apolitical, inclusive of all sectors and encompassing all cities and regions of Pakistan.
There should be no change in economic, investment, industrial, trade, SME, agricultural and taxation policies with the change in the government. This is what the national interest demands, he added.
Saquib Fayyaz Magoon, SVP FPCCI, said that Karachi is the economic, financial, industrial, and commercial and trade hub of Pakistan; and, it needed world-class infrastructure. Specifically, we need better roads; efficient solid waste management; water supply to the industrial areas and secure law & order situation.
Sheikh Umer Rehan, Chairman of Pakistan Vanaspati Manufacturers Association (PVMA), elaborated that another burning macroeconomic issue is the key policy rate in the country – which is 17.5 percent; while the inflation has come down to 8 percent. The key policy rate needs to be brought down to single digits. This premium in interest rate and its toll on the national economy, industrial production and exports is immeasurable, he added.
Copyright Business Recorder, 2024