Daily Times

FPCCI president Irfan Iqbal Sheikh has hailed and congratulated the new administration and its cabinet on their establishment. “The business community was deeply concerned about the void in the executive structure that has now been filled,” he said.

An inclusive, sustainable, and legally binding Charter of Economy was presented by Irfan Iqbal Sheikh in order to build an across-the-board compact and unwavering commitment to economic growth, development, and equality. It should cover all sectors of the economy and the entire population, he said. We can achieve a rich, equitable, and industrialized Pakistan if we work together, the speaker concluded. According to FPCCI president Irfan Iqbal Sheikh’s optimistic assessment, the current prime minister is well-positioned to bring about a significant improvement in governance, administration, and service delivery, as evidenced by his track record of implementing reforms and completing massive megaprojects on schedule.

Even though the FPCCI acknowledges the first wins in the rupee-dollar parity and PSX, the apex chamber of the country still sees many immediate and pressing trade, industry, and economic concerns.

Credible international organizations, according to the FPCCI’s chief, now expect Pakistan’s CAD to reach $18.5 billion in the fiscal year 2022, or above 5pc of GDP. There should be an open and transparent consultation process between the new government and its finance minister to explain how and why the government will be able to control the CAD. According to Irfan Iqbal Sheikh, the current Fiscal Year 2022’s Trade Deficit has topped $35.4 billion in the first nine months of the year. In the short term, he says, FPCCI favours concrete incentives and subsidies for industrialization, import-substitution, IT exports, and the facilitation of small and medium-sized enterprises (MSMEs) in export-oriented industries.

The FPCCI President stressed that Pakistan’s energy security has been jeopardized because of the country’s staggering circular debt of PKR 2.5 trillion. In order to assure industrial fuel and energy supplies, the government must develop and explain a comprehensive strategy.

Irfan Iqbal Sheikh highlighted that food costs have soared due to rising international fuel and commodity prices, as well as supply-side mismanagement. To maintain food security, the government and the business sector must work together. SMEs, according to Irfan Iqbal Sheikh, are already under severe strain due to rising costs of doing business, low ease of doing business indicators, difficulty obtaining financing, uncertainty about foreign exchange rates, and regionally uncompetitive electricity and gas prices. He believes that raising the policy rate to 12.25 percent will be the final nail in the coffin for small businesses. He has urged that the policy rate increase be reversed immediately. The FPCCI chief stated that the FBR has turned into a factory for issuing notices and advocated strategic and long-term reforms in consultation with the business community, including the eradication of corrupt practices and harassment as well as the retraction of unfair notifications.