Arif Habib Group takes interest in upcoming FPCCI polls

KARACHI: The upcoming elections of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) will be an event to watch as this time Arif Habib, chairman, Arif Habib Group, is taking keen interest in the FPCCI’s affairs and would likely be backing up one of the competing groups.

SM Muneer’s United Business Group (UBG) and Anjum Nisar-led Businessmen Panel (BP) compete for FPCCI’s governing body, while UBG has been in power for the last four years. The elections for 2019 term are scheduled in December 2018 and the panels have already started electioneering.

Arif Habib’s proactive interest in FPCCI’s affairs particularly the upcoming elections has raised many eyebrows. In an earlier gathering, SM Muneer without pointing towards anyone said, “It is beyond my understanding that a stock broker, who does not even have a vote, is taking interest in FPCCI’s affairs and for what purpose.”

It is unclear whether Arif Habib would be backing one of the above mentioned panels or bringing up a new panel as he refused to confirm or deny his participation in the upcoming FPCCI elections. However, there is a perception within FPCCI circles that the stock guru’s support would be tilted towards the Businessmen Panel.

Talking to The News on Tuesday, UBG General Secretary Gulzar Feroz said Arif Habib was a well wisher of the business community and had not singled out his support for any of the competing groups. “Habib is a stock broker as well as an industrialist and he is concerned about the economic situation of the country.

Since FPCCI serves the interests of the business community, Habib’s interest in the federation’s affairs is not surprising.” It is worth noting that caretaker Federal Minister Shamshad Akhtar had a meeting with the office bearers of FPCCI at the residence of Arif Habib on Monday, and sought the federation’s support to make the amnesty scheme a success.

Country’s premier trade body has gained even more importance in the backdrop of China-Pakistan Economic Corridor (CPEC). FPCCI is also opening a branch office in Gwadar for which the land has already been acquired.

This office will be a landmark achievement to facilitate the business community in investment advisory activities relating to the CPEC.

The government and FPCCI have also signed a memorandum of understanding for public-private partnership to promote economic zones through industrial activities on the CPEC routes.

The participation of FPCCI in CPEC project would ensure transparency in all relevant activities, and aim to manage the economic zones effectively for further trade and investment.

“Since Arif Habib is heavily invested in CPEC, having his clout at FPCCI will serve his interests even more,” a business leader said requesting anonymity.

FPCCI is also represented and recognised at different international forums, namely Islamic Chambers of Commerce and Industry, Economic Cooperation Organization Chambers of Commerce and Industry, SAARC Chambers of Commerce and Industry, D-8 Chambers of Commerce and Industry, Shanghai Cooperation Council, Commonwealth and Confederation of Asia Pacific Chambers of Commerce and Industry.