Karachi: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has urged the Pakistani government to swiftly implement measures to protect the country's economy from the effects of escalating tensions between the United States and Iran. Atif Ikram Sheikh, President of FPCCI, highlighted concerns over the potential impact these hostilities could have on Pakistan’s trade routes and industrial sector.

According to Federation of Pakistan Chambers of Commerce and Industry, there is a pressing need for a crisis-response strategy to shield Pakistan's fragile economy from potential disruptions. Mr. Sheikh emphasized that renewed hostilities in the region threaten regional stability and global trade, posing risks to Pakistan’s recent economic stabilization efforts.

Mr. Sheikh pointed out that Pakistan's economy cannot afford the inflationary pressures caused by unexpected disruptions in energy supplies or maritime trade. He called on the government to collaborate with the business community to develop a buffer plan that ensures energy security and protects export-oriented industries.

Saquib Fayyaz Magoon, Senior Vice President of FPCCI, noted the vulnerability of national supply chains and the potential impact on the manufacturing sector. He warned that any conflict in the Persian Gulf could raise freight costs and delay shipments, exacerbating challenges faced by the country's SMEs. He urged the government to ensure access to industrial inputs while managing foreign exchange outflows.

Abdul Mohamin Khan, Vice President and Regional Chairman Sindh, emphasized the threat to Sindh's economy, particularly Karachi's industrial zones. He called for the establishment of business facilitation centers and better coordination between provincial and federal authorities to safeguard the export pipeline and prevent a widening trade deficit.

The FPCCI leadership has called on the Ministry of Finance, Ministry of Commerce, Federal Board of Revenue, and State Bank of Pakistan to form a joint task force with the business community. This task force would evaluate geopolitical developments and implement a contingency framework to ensure trade continuity and protect local industries.