"Charter Of Economy" Need Of The Hour: Federation Of Pakistan Chambers Of Commerce And Industry (FPCCI)

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

LAHORE, (UrduPoint / Pakistan Point News - 9th Jan, 2023 ):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. All the problems of the country could be solved only when the political and economic leadership sat together and both would definitely come up with best economic model to get the country out of the current financial crisis and present the strategy to the nation, he remarked.

Irfan Iqbal Shaikh added that agreeing on the Charter of Economy was the need of the hour. All economic matters should be handled with consensus decisions with the recommendations of FPCCI and trade bodies which were major stakeholders.

To take the country out of the economic crisis, FPCCI had started the process of preparation for the Charter of Economy, he added.

Likewise, the third conference session would be held in Karachi tomorrow (Tuesday), in which the chambers and associations of Sindh and Baluchistan would participate. After the consultation with all the trade bodies, the Charter of Economy would be prepared and shared with the government and all the country's political parties for consensus. The final announcement would be made at the national conference in Islamabad next month.