Monday, December 5

Governor Punjab visits FPCCI proposes charter of economy for continuity of policies

Karachi, November 08, 2022 (PPI-OT):Mr. Baligh Ur Rehman, Governor Punjab, has said that he effectively relayed the recommendations and proposals of FPCCI on the federal budget 2022 – 23 and he is happy that the federal government gave due weightage to FPCCI’s apprehensions.

He particularly referred to the waivers on agricultural inputs on FPCCI’s recommendations; and, maintained that the current government is ever willing to incentivize all sectors of the economy in general and export-oriented sectors in particular. He added that he has come to the Federation House – which is home to the head office of FPCCI – to consult the prominent members of business, industry and trade community.

To the pleasant surprise of the business community, Governor Punjab proposed a charter of economy to all the stakeholders to put an end to the political instability; lack of continuity of economic policies; loss of industrial production and exports and to curtail unemployment and poverty.

Mr. Irfan Iqbal Sheikh, President FPCCI, said that FPCCI considers Mr. Baligh Ur Rehman as business-friendly and pro-education; and, the business community is looking forward to his facilitative role in communicating their concerns to the relevant federal ministers and various departments under their supervision. He said that cost of doing business must be brought down; and, electricity, gas and petroleum prices are major impediments in business and economic growth of Pakistan.

Mr. Irfan Iqbal Sheikh further added that being the governor of the largest province of Pakistan, Mr. Baligh Ur Rehman can play a catalytic role in resolving the issues; mainly pertaining to cost of doing business. He added that the business community has nothing to do with the politics; and, they only want continuity and harmony in economic, industrial, trade, fiscal and monetary policies.

Mr. Suleman Chawla, Senior Vice President FPCCI, highlighted that textile sector is the backbone of Pakistani exports; and, the year 2021 – 22 has seen cotton production of only 8.3 million bales. He added that it is pertinent to note that 65 – 70 percent cotton in Pakistan is produced in Punjab and requested the Governor Punjab to specifically raise this issue with the federal government as billions of dollars of precious and scare foreign exchange will be spent to import the deficit in domestic cotton production to meet export orders. He also demanded that technical and vocational training in Punjab should be aligned with the needs of trade and industry.

Mian Nasser Hyatt Maggo, immediate past President FPCCI, expressed his dissatisfaction that the present government has given incentives and waivers to only 2 – 3 sectors; while rest of the economy is suffering with a very alarming ease of doing business environment. He was also apprehensive that the government has not taken the right corrective and punitive actions against the commercial banks who have caused unprecedented volatility in exchange rate and have made tens of millions of dollars in the process at the cost of trade and industry.

Engr. M. A. Jabbar, VP FPCCI, proposed that the big governor houses might play a part as a bridge between the federal and provincial governments and the business community. Mr. Khurram Tariq Sayeed, former VP FPCCI, said that the business community is fighting for the renewable energy projects for the past 8 years; but the successive governments have been ignoring the much needed wind power projects. He added that solar power generation is necessary for the country; but they have an efficiency of 20 percent. On the other hand, wind power project have an efficiency ratio of 40 percent.

For more information, contact:
Head Office,
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
Federation House, Main Clifton, Karachi, Pakistan
Tel: +92-21-35873691-94
Fax: +92-21-35874332

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