Daily Times

Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Irfan Iqbal Sheikh said on Monday that keeping in view the current economic situation, there was dire need of “Charter of Economy” to put the country on path to development and progress.

He was addressing the 2nd Session of National Consultative Conference of Chambers & Associations on National Economic Plan for Economic Development here at FPCCI Regional Office. Irfan Iqbal Sheikh suggested the government to take business leaders on board to steer the economy out of trouble.

FPCCI Regional Chairman Muhammad Nadeem Qureshi, former president Mian Anjum Nisar said that importers were paying US $ 120 per container per day as demurrage charges due to the Letters of Credit (LCs) issue. The State Bank of Pakistan (SBP) should address this issue on an urgent basis. The business leaders added that Pakistan only exported to 10-12 countries and should tap new markets to increase revenue. The country should also focus on engineering products as their share in the global market was 19 percent while the share of textile products was only six percent, they added.

Irfan Iqbal vowed that FPCCI and all trade bodies of the country would work together regarding Pakistan’s economic and commercial development. Short and long-term policies would have to be formulated to improve the economy of Pakistan.