Economic situation is deeply concerning: FPCCI

The President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Irfan Iqbal Sheikh, on Tuesday, said that all the economic indicators have turned negative and the economic situation is creating profound concern within the business community.

Sheikh stressed that he had never seen such an uncertain situation in 45 years of business life and suggested that the government take business leaders on board to steer the economy out of trouble.

“Importers are paying $120 per container per day as demurrage charges due to the Letters of Credit (LCs) issue. The State Bank of Pakistan (SBP) should address this issue on an urgent basis,” he said while addressing the business community at the Islamabad Chamber of Commerce and Industry.

He added that, “Pakistan only exports to 10-12 countries and should tap new markets to increase revenue. The country should focus on engineering products as their share in the global market is 19% while the share of textile products is only 6%”.

Published in The Express Tribune, December 14^th, 2022.

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