FPCCI Stresses Investment Friendly Policies To Protect Country’s Economy

FPCCI stresses investment friendly policies to protect country’s economy

ISLAMABAD, (UrduPoint / Pakistan Point News - 8th Jun, 2024) President Federation of Pakistan Chamber of Commerce and Industry Atif Ikram Shaikh on Saturday said that investment friendly policies should be introduced to protect the economy.

President FPCCI has said that electricity and interest rates should be reduced, said a press release issued here.

Atif said that inflation has reduced to 11.8% and the 22% interest rate also needs to be reduced for smooth business in the country. He said that by reducing the interest rate, the government can save 3 trillion rupees in interest payments.

Talking about the textile sector, Atif Ikram said that for the last four months, cotton imports from the US and Brazil have been blocked at the port, which has led to a significant financial burden due to the increase in demurrage charges, which are now Rs 50 million.

He said that these charges are being paid to foreign companies in Dollars, which is increasing the economic pressure on the country.

The government should take notice of this issue and resolve it immediately.

Atif Ikram said “We believe in the determination of the Prime Minister, Muhammad Shehbaz Sharif to promote a favourable environment for business and trade in Pakistan.”