Businessmen hopeful about end to crisis

KARACHI:

Pakistan’s business community has reposed full confidence in the country’s senior leadership and Special Investment Facilitation Council (SIFC), believing that they will steer the nation out of current economic crisis.

Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Irfan Iqbal Sheikh, in a statement on Tuesday, said that the apex trade body extended full support to the initiatives taken to attract a huge amount of foreign direct investment, set up SIFC and crack down on speculative dollar trading.

Eliminating smuggling of petroleum products and sugar, broadening of tax net and shielding investors from frequent changes in government policies to improve investor confidence were the other measures undertaken by the country’s leadership.

He described the business community’s engagement with the army chief as “no less than a breath of fresh air after the economic uncertainty and volatility over the past couple of years”.

“After detailed meetings with him in Karachi and Lahore, we are hopeful and confident that we will be able to play our rightful role in economic recovery and stabilisation.”

Sheikh voiced hope that Pakistan would be able to bring an investment of $25 billion in the near term and $100 billion in the short to medium term given the huge economies of Pakistan’s friendly countries.

He was also optimistic about the upcoming visit of Saudi crown prince because of its game-changing socioeconomic significance.

He proposed that SIFC must include representatives of the apex body in all its task forces and committees on five major areas including agriculture, mines and minerals, information technology, energy and defence production.

“The business community and private sector are real stakeholders of the economy and the FPCCI will be more than willing to participate and assist the government.”

He pointed out that the FPCCI was the apex trade and business body of the country representing 250 chambers, associations and trade bodies, and having networks and experts in all focused areas of SIFC.

“Consultative process holds the key to success of SIFC, economic stabilisation and getting rid of the IMF’s shackles,” he remarked.

In a separate statement, the Karachi Chamber of Commerce and Industry (KCCI) said detailed discussions were held on Tuesday among SIFC, the business community and economic experts of Karachi and Sindh.

A high-level team of SIFC comprising Special Assistant to Caretaker Prime Minister Dr Jehanzaib Khan and the SIFC director general provided details of different projects. They informed the business community about potential investment in various areas including agriculture, livestock, information technology, mining and energy.

In the meeting, all those aspects were highlighted that would play a positive role in improving the overall investment climate for the business community.

Assurances were given that SIFC would provide all required facilities to the investors looking forward to pouring capital into the country.

Published in The Express Tribune, September 6^th, 2023.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.