Nasir Mansoor Qureshi, President of the Islamabad Chamber of Commerce and Industry (ICCI), has underscored the urgent need for adopting business-friendly policies to tackle the rising cost of production.
He stressed that the government must focus on implementing economic reforms and improving the regulatory environment to create a more conducive atmosphere for businesses, attract foreign investment, and ensure long-term financial stability, said a press release issued here.
In a meeting with visiting business leaders on Thursday, Qureshi emphasized that rather than relying on extensive borrowing, the government should prioritize enhancing the ease of doing business. This approach, he noted, is critical to putting the country’s economy on a sustainable growth trajectory.
He criticized the increase in oil prices and electricity tariffs, describing them as a “fuel bomb” for businesses. He argued that these hikes, made to comply with the IMF’s conditions for the revival of the stalled loan program, would not only increase the cost of doing business but also escalate inflation to decades-high levels.
He warned that this approach could cripple the industrial and trade sectors, discouraging both local and foreign investment.
The ICCI President also pointed out the damaging effects of high taxes and rising energy costs on businesses, which have led to a surge in power theft and inefficiencies in the energy sector.
He questioned why these issues were being passed onto consumers in the form of higher tariffs, further burdening the already struggling business community.
Concluding his remarks, the ICCI President urged the government to implement measures that would reduce the cost of doing business, including easing the tax burden on the power sector. He also called for stronger efforts to promote exports through incentives for trade and industry and by exploring new international markets to help Pakistan achieve sustainable economic growth.