Karachi, September 06, 2023 (PPI-OT): Mr. Irfan Iqbal Sheikh, President FPCCI, has extended his full support, from the platform of apex body, to Army Chief’s initiatives to attract mega investments in the form of FDI; launch of Special Investment Facilitation Council (SIFC); crackdown on speculative trading in dollar; stringent measures to eliminate smuggling of petroleum products and sugar; broadening the tax-net and shielding investors from any change in government to improve investor’s confidence through continuity in economic policies.
Mr. Sheikh apprised that engagements of business community with the Army Chief is no less than a breadth of fresh air after the uncertainty and volatility in the economy over the past couple of years. After detailed meetings with him in Karachi and Lahore, we are feeling relieved, hopeful and confident that we will be able to play our rightful role for economic recovery and stabilization in the broader national interest, he added.
Mr. Irfan Iqbal Sheikh agreed that - given the huge economies of Pakistan’s friendly countries - it is possible to bring $25 billion investment in the near-term of less than one year and $100 billion in short to medium term of one to three years.
FPCCI President also expressed his optimism on the upcoming visit of Saudi Crown Prince and Prime Minister, H. E. Mohammed Bin Salman, for its game-changing socioeconomic significance. Saudi Arabia has been Pakistan’s biggest support over the past many decades in all financial and economic crises - and, H. E. Mohammed Bin Salman is the true friend of Pakistan; whereas, he calls himself Pakistan’s ambassador in Saudi Arabia.
FPCCI Chief proposed that SIFC must include the representatives of the apex body in all of its taskforces and sectorial committees on the five focus areas under SIFC, i.e. Agriculture, mines and minerals, information technology, energy and defense production. Business community and private-sector are the real stakeholders of the economy; and, FPCCI will be more than willing to participate and assist the government, he added.
He reiterated that FPCCI is the apex body of the country representing all 250 chambers, associations and trade bodies - and, it has its networks and experts in all the aforementioned focus areas of SIFC. Consultative process holds the key to success for SIFC, economic stabilization and getting rid of the shackles of IMF, he added.
Mr. Irfan Iqbal Sheikh explained that the only logical, effective, swift and result-oriented solution to the menace of smuggling lies in eliminating smuggling networks at country’s borders as those are the entry and exit points; else, there is no use of screening or monitoring the markets without having strict control at the borders.
For more information, contact:
Head Office,
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
Federation House, Main Clifton, Karachi, Pakistan
Tel: +92-21-35873691-94
Fax: +92-21-35874332
Email: [email protected]
Website: http://fpcci.org.pk/