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Home » Business News, General Business News

FDI has reduced by 36 pc in 4 months of ongoing fiscal year

November 19, 2018

Karachi, November 19, 2018 (PPI-OT): Chairman of the Businessmen Panel of FPCCI and Former Provincial Minister, Mian Anjum Nisar, Senior Vice Chairman and Former Provincial Minister, Mian Zahid Hussain, Secretary General Senator Haji Ghulam Ali, Chairman Sindh Zakaria Usman, Chairman Punjab Khawaja Shahzeb Akram, Chairman Balochistan Naveed Jan Baloch, Chairman KPK Adnan Jaleel, Shoukat Ahmed and Saquib Fayyaz Magoon while talking to leaders of different chambers and association on Monday said that even after passing three months of new government in power the situation of economic confusion could not be controlled. Foreign reserves are left with only $ 13 billion while trade deficit reached to $ 12 billion. The current account has reached to $ 5 billion in the first four months of current fiscal year. Exports have inclined by 3 percent however imports cannot be controlled due to ongoing CPEC projects. LSM growth has been declined by 1 percent during the period.

BMP leaders said that consumer price index has already risen to 6 percent which is troubling business community and masses equally. IMF has suggested increasing FBR collection target by Rs. 70 to Rs. 100 billion in the backdrop of next bailout program for the Country, which will significantly increase the cost of doing business and inflation.

The current FPCCI’s leadership has not used the vital forum of the leading trade and industry chamber for resolution of any problem and pertaining to the business community except giving mere statements and fake promises as usual. The government should provide investment friendly environment in addition to incentives to the investors to improve foreign investment in the Country.

The BMP has always raised its voice for the resolution of challenges faced by the business community and focused to take concrete measures for the same after securing victory in the FPCCI election 2019. Industrialists and traders play vital role in the economic growth of the Country and should be including in Government’s decision pertaining to the Country’s economy for fruitful results. Government should be benefitted from the experiences and practical exposure of the business community and to develop the export sector, suggestions and recommendations of the business community should be implemented.

BMP leadership urged government for early payment of Rs. 300 billion refunds of exporters and reforms in the tax system. It is important that the impacts of Prime Minister’s foreign visits should be extended to the nation in term of increased foreign investment; however it will take few more months. BMP is aimed to take concrete measures for increasing FPCCI’s role in the economic growth and to make it the most active chamber across globe for which the business community will needs to perform accountability of ineligible UBG leadership.

For more information, contact:
Secretary General
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
B-1, Federation House, Main Clifton Road,
Shahra-e-Firdousi, Karachi-75600, Pakistan
Tel: +92-21-35873691, 93-94
Fax: +92-21-35874332

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