Businessmen seek resolution of pressing issues

Issues including runaway energy tariffs, skyrocketing prices of industrial plots, high policy rate of central bank

KARACHI:

Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Atif Ikram Sheikh has vowed to raise voice to seek the resolution of a host of industry issues including the runaway energy tariffs, skyrocketing prices of industrial plots and high policy rate of the central bank.

He stated this after meeting a delegation of the Korangi Association of Trade and Industry, according to a statement.

He discussed the issues and apprehensions of the Karachi industry including exorbitant energy tariffs, prices of industrial plots, the policy rate and neglected micro, small and medium-sized enterprises.

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He added that the FPCCI considered the 22% interest rate set by the SBP as a bottleneck in smooth functioning of the trade and industry. “This will lead to a vicious circle of higher cost of doing business, uncompetitive prices in export markets, decline in export orders, wider trade deficit and further strain on foreign exchange reserves, if energy prices are not rationalised,” he said.

Published in The Express Tribune, January 16^th, 2024.

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