EFP seeks govt help amid economic crisis

KARACHI: Industrialists and trade associations on Monday expressed their deep concern over the negative impact of the prevailing economic crisis on employers and workers, and urged the government to take immediate measures to facilitate the private sector and revive industrialization.

The Employers’ Federation of Pakistan (EFP), which represents industrial town associations and trade associations, organized a consultative session with the support of the International Labour Organization (ILO) to discuss the issues of minimum wage, labor inspection, retrenchment of workers, industrial relations, enterprise sustainability, and social protection of workers.

Majyd Aziz, former president of EFP, who chaired the meeting, said that Pakistan’s dire economic, financial, and political situation had resulted in a serious challenge to the survivability and sustainability of the country. He said that high inflation, supply chain disruption, back-breaking increases in the rates of gas and electricity, currency devaluation, declining exports and remittances, had all substantially increased the cost of production.

“The closure of factories is a direct result of these factors and despite sensitizing the government to understand the gravity of the situation and to take immediate action, there is inertia in the corridors of power,” Aziz said.

He advised all trade bodies to unite and raise a common voice instead of devoting their time, money and efforts in elections in their organizations and issuing negative statements. “The onus of industrialization, exports enhancement, provision of favorable utility rates, and facilitating the private sector, is primarily the responsibility of the government. Therefore, it is imperative that the private sector strongly demands that the government must become a facilitator and take measures to get out of the economic and financial crises."