Islamabad, August 01, 2022 (PPI-OT):The current economic meltdown is clear to all and everybody is worried while the whole nation is under stress. Therefore, ICCI has planned to organize an All Parties Revival of Economy Conference to bring all stakeholders to one platform and discuss options to turn around the economy. This was said by Muhammad Shakeel Munir, President, Islamabad Chamber of Commerce and Industry while addressing a press conference at the National Press Club, Islamabad. Jamshaid Akhtar Sheikh Senior Vice President, Muhammad Faheem Khan Vice President ICCI, Khalid Iqbal Malik Chairman Founder Group, former Presidents ICCI Zubair Ahmed Malik, Muhammad Ejaz Abbasi, Sheikh Amir Waheed, Shaban Khalid, Ahmed Waheed and others were present at the occasion.
Muhammad Shakeel Munir said that apart from the overall economic situation faced by Pakistan, energy shortage, high inflation, heavy debts and most of all the reluctance of multilateral donors as well as friendly countries to help Pakistan was a clear sign that a massive storm for the economy has arrived. He said that there are many things that may not be visible to the general public but the chain reaction to the crises can have serious consequences in the overall retail end, which will hurt the consumers.
He said that the restrictions by the SBP upon letter of Credit (LC) and sharp declining foreign currency reserves can lead to a situation where goods and items will be in short supply in the markets. Such a situation will lead to public outcry as our economy is totally based on consumerism. He said that understanding the ground realities, ICCI has decided to reach-out to all concerned decision makers and seek solutions to the economic crises.
He said that ICCI will organize an All Parties Revival of Economy Conference in this regard on August 6, Saturday to highlight these issues with the decision makers. He said that we are not into any political great game nor are we here to extend support to any party. Our sole purpose is to work for reviving the economy. He invited the leadership of all political parties to attend the conference and make it more productive.
Khalid Iqbal Malik, Chairman Founder said that the situation is so serious that it can lead to the threat to stability of the country, therefore this conference and these discussions are all a-political. He said that we are concerned about all the people who matter including the business community, general public and even the state institutions. He said that there is a need to reduce political polarization and bring all the parties in the Parliament and the provincial assemblies at one stage to discuss a way forward and steer the country out of the economic crises.
He said that ICCI has already started discussions with several economists seeking their input and collective thought of experts will be presented in the conference. He said the key objective of this conference is to seek solutions to the current economic crises and pressurise the authorities to implement the best possible solutions.
Zubair Ahmed Malik, former President ICCI and FPCCI said this situation demands that everybody should play a part to get the country out of the current situation. He said that this is the first step by the ICCI to raise a non-political and technical voice and since we represent the business community it is our responsibility to come forward and help find a solution. He said that the technical papers and suggestions finalised at the end of Revival of Economy Conference will be shared with all other Chambers of the country and the FPCCI, as well as the Provincial governments.
He hoped that after the conference, the political leaders as well as the business leaders of the country will realise the importance of raising the concerns without agitation, road blocks, threats or shutter down. He said that ICCI is confident that the deliberations of the Conference will be implemented without political prejudice for the betterment of the economy.
For more information, contact:
Islamabad Chamber of Commerce and Industry (ICCI)
Chamber House, Aiwan-e-Sanat-o-Tijarat Road,
Mauve Area, G-8/1, Islamabad, Pakistan
Tel: +92-51-2250526, 2253145, 8432676
Fax: +92-51-2252950
Email: icci@brain.net.pk, info@icci.com.pk
Website: www.icci.com.pk