Daily Times

Atif Ikram Sheikh, President FPCCI, has apprised that Dr. Gohar Ejaz, Federal Caretaker Minister for Commerce & Industries, has announced a new industrial zone of a whopping 10,000 acres for Karachi, which will be aligned with international standards during his maiden visit to FPPCI – the apex body of trade and industry of Pakistan. He added that the minister has also offered his full support in taking top economists on board as advisers of FPCCI to formulate its policy recommendations.

Atif Ikram Sheikh also maintained that FPCCI has decided to support the commerce minister’s reform initiatives vis-à-vis the export target of $100 billion in 5 years, documentation of the economy, and stabilization of rupee-dollar parity. He announced that FPCCI will notify its R&D structure in the next ten days – his vision is to turn FPCCI into a top consultative body for the government. Atif Ikram Sheikh also proposed that the business community embark on a mission to accelerate Pakistani exports by being competitive, holding single-country exhibitions for significant export destinations, diversifying its export basket, and creating an effective liaison & consultative process with the government.

FPCCI Chief acknowledged that the approval of a 9 cents / kWh tariff for the export-oriented industries under the auspices of the Special Investment Facilitation Council (SIFC) is a landmark achievement of Dr. Gohar Ejaz. He added that the business community can be productive if included in key policymaking forums that affect Pakistan’s economy.

SM Tanveer, Provincial Caretaker Minister of Commerce for Punjab, stressed that FPCCI should establish a credible, functioning, and productive research & development structure so that the federal & provincial governments incorporate its recommendations in budgetary, industrial, trade, agricultural, monetary, taxation, SME and infrastructure development policies.

Dr. Gohar Ejaz shared his deep concerns over the state of Pakistan’s economy, specifically the trade deficit, rupee depreciation, low number of active tax filers, anomalies in Afghan Transit trade, reliance on external sources of financing, and absence of active participation of the business community in the policymaking.

Taking China as a role model, Dr. Gohar Ejaz highlighted that China has foreign exchange reserves upwards of $3 trillion- which has shown a growth of 600 times over the last 30 years, while Pakistan has hardly managed to double its FER to $9 billion from $4.5 billion during the tenure of a current caretaker government.

The minister also stated that if his vision of a 10,000-acre new industrial zone in Karachi materializes, Exports are expected to reach $100 billion in the next five years, creating 3 million new jobs in Karachi alone. At the same time, the business community can triple its earnings if it plays its due role in accomplishing targets set by the government’s economic team. It is a win-win, he added.