Karachi, December 2, 2024 – Atif Ikram Sheikh, President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), has called for urgent measures to address Balochistan’s economic challenges. He proposed establishing a Bank of Balochistan (BoB) to facilitate industrialization, enhance access to finance, and drive sustainable development in the province.
Sheikh highlighted the need for the federal and provincial governments to replicate the success of provincial financial institutions such as the Bank of Punjab (BoP), Bank of Khyber (BoK), and Sindh Bank. The proposed BoB would focus on tailored lending policies that align with Balochistan’s unique business landscape, enabling entrepreneurs to overcome financial barriers and establish industries. “This step could usher Balochistan into an unprecedented era of economic progress,” he emphasized, adding that such initiatives would also attract both foreign direct investment (FDI) and domestic capital from other parts of Pakistan.
The FPCCI President pointed out that despite economic difficulties, the resilience of Balochistan’s people has kept business activities afloat. However, he stressed the importance of protecting cottage industries and micro, small, and medium enterprises (MSMEs) to sustain the local economy.
Nasir Khan, FPCCI Vice President from Balochistan, echoed these concerns, emphasizing that SMEs—the backbone of Pakistan’s employment sector—are struggling, leaving youth vulnerable to unemployment. He advocated for two critical institutions: a dedicated bank and an insurance company, essential for fostering a secure and thriving business ecosystem. “Without insurance, traders, industrialists, and investors remain hesitant to engage in Balochistan,” he explained, suggesting a public-private partnership (PPP) model for building such infrastructure.
Khan also emphasized the urgent need for youth empowerment through education, skill development, and poverty alleviation programs to deter them from falling prey to illicit activities. He proposed a comprehensive strategy to integrate the youth into economic activities, transforming them into stakeholders in the province’s growth.
Additionally, Khan called for a robust marketing and public relations campaign to attract investment by assuring safety and security for businesses. He reaffirmed FPCCI’s commitment to working with the government and armed forces to create an environment conducive to trade and industry in Balochistan, ensuring its development contributes significantly to Pakistan’s overall progress.
