ECO-CCI zooms in on COVID crisis

ISLAMABAD: The COVID-19 pandemic has led to a significant decline in economic growth, industrial production, exports, remittances, tax revenue collection, disrupting supply chain and decline in demand of non-essential items, industry officials said on Monday.

It was stated by Shaikh Sultan Rehman, vice president Federation of Pakistan Chambers of Commerce and Industry (FPCCI), during a video-link meeting of Special Committee Meeting on Industry, Investment and SMEs Promotion of ECO Chamber of Commerce and Industry (ECO-CCI). The meeting was attended by representatives of the chambers of commerce & industry of member countries including Afghanistan, Iran, Turkey and Pakistan, and ECO Trade and Development Bank.

As per an FPCCI statement, Rehman updated the meeting the measures taken by the government of Pakistan and State Bank of Pakistan in facilitating industry and investment in Pakistan particularly in health sector by increased testing facilities, provision of personal protection equipment and lifesaving medicines. He also informed about the international survey initiated by the FPCCI to analyse the impact of COVID-19 on trade and industry of different countries.

Abrar Ahmed, convener of the Specialized Committee Industry, Investment and SMEs Promotion, also discussed the measures taken by the government like reduction in policy rate, deferment of loans and debts, soft loans to industries for payment of wages and salaries, concessionary loans to SMEs and the agriculture sector. Ahmed also emphasised on joint ventures between Pakistan and other countries in textile and other sectors.