FPCCI calls for long-term economic charter to ensure stability

KARACHI: President of the Federation of Pakistan Chambers of Commerce & Industry (FPCCI) Atif Ikram Sheikh announced on behalf of the entire business and trade communities industry, and trade community of Pakistan his support for the army chief’s commitment to achieving economic stability, growth and prosperity for the nation in a press release on Saturday.

“We acknowledge and appreciate his candid and detailed consultations with the business community regarding their issues and recommendations in Karachi,” he added.

The FPCCI president commended the role of state institutions in creating a conducive environment for securing the International Monetary Fund’s Extended Fund Facility (IMF-EFF) through fostering trust with friendly countries such as China, Saudi Arabia and the UAE regarding the rollover of bilateral loans. “This was an absolute prerequisite for successful negotiations with the IMF,” he said.

Sheikh also recognized the pivotal role of the Special Investment Facilitation Council (SIFC) in ensuring continuity in economic policies and providing an enabling environment for foreign direct investment (FDI). “Continuity, consistency and reliability are essential for Pakistan to attract FDI,” he emphasized.

The FPCCI chief reiterated his stance that Pakistan needs a charter of economy for the next 15 to 20 years, which should be apolitical, inclusive of all sectors and representative of all cities and regions.

“There should be no changes in economic, investment, industrial, trade, SME, agricultural and taxation policies with changes in government. This is what the national interest demands,” he added.

Sheikh also sought the army chief’s support in reducing electricity and gas tariffs for trade and industry to facilitate their contribution to fulfilling the army chief’s vision of economic growth, revenue generation and employment creation in the country.

Senior Vice President of the FPCCI Saquib Fayyaz Magoon added that Karachi is the economic, financial, industrial and commercial hub of Pakistan, and it needs world-class infrastructure. “Specifically, we require better roads, efficient solid waste management, reliable water supply to industrial areas and a secure law and order situation.”