Karachi, September 28, 2024 – Atif Ikram Sheikh, President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), has expressed full support for the Army Chief’s efforts to bring economic stability, growth, and prosperity to Pakistan.
Speaking on behalf of the country’s business, industry, and trade communities, Sheikh praised the Army Chief’s commitment and detailed consultations with business leaders in Karachi, acknowledging their shared goals for national progress.
Sheikh commended the Army Chief’s role in fostering trust with key international partners, particularly in securing the International Monetary Fund’s Extended Fund Facility (IMF-EFF). He recognized the efforts of state institutions in securing rollovers of bilateral loans from China, Saudi Arabia, and the UAE, which were critical to successful negotiations with the IMF. “The trust-building measures with friendly nations were an absolute prerequisite for the IMF deal,” he noted.
Additionally, Sheikh highlighted the role of the Special Investment Facilitation Council (SIFC) in ensuring the continuity of economic policies and creating a favorable environment for foreign direct investment (FDI). “Continuity, consistency, and reliability are essential for attracting FDI, and SIFC is playing a crucial role in this regard,” he added.
The FPCCI President reiterated the necessity of a long-term, apolitical “charter of economy” for Pakistan, covering the next 15–20 years. He emphasized that economic, industrial, and taxation policies should remain consistent, regardless of changes in government, to ensure sustainable growth. “This is what the national interest demands,” Sheikh stressed, calling for a unified approach to economic management that includes all sectors and regions of Pakistan.
Sheikh also urged the Army Chief to support measures aimed at reducing electricity and gas tariffs for industries. He argued that lower utility costs would help businesses contribute to the Army Chief’s vision of economic growth, revenue generation, and job creation.
Supporting the call for economic reforms, Saquib Fayyaz Magoon, Senior Vice President of FPCCI, emphasized Karachi’s critical role as Pakistan’s economic and financial hub. He advocated for world-class infrastructure improvements, including better roads, efficient waste management, and water supply to industrial areas, alongside enhanced security.
Sheikh Umer Rehan, Chairman of the Pakistan Vanaspati Manufacturers Association (PVMA), highlighted the pressing issue of the high key policy rate, currently at 17.5%, despite inflation falling to 8%. He called for a reduction in the rate, stating that the high interest rate is hampering industrial production and exports.
The FPCCI’s support reflects the business community’s alignment with the Army Chief’s economic vision, urging swift action to facilitate sustainable growth.
