HCCI President Lauds SFIC As A Necessity For Industrial Growth

The President of the Hyderabad Chamber of Commerce and Industry (HCCI), Adeel Siddiqui, has hailed the establishment of the Special Investment Facilitation Council (SFIC) as a crucial step towards addressing long-standing issues hindering industrialization and investment in the country

HYDERABAD, (UrduPoint / Pakistan Point News - 15th Nov, 2023) The President of the Hyderabad Chamber of Commerce and Industry (HCCI), Adeel Siddiqui, has hailed the establishment of the Special Investment Facilitation Council (SFIC) as a crucial step towards addressing long-standing issues hindering industrialization and investment in the country.

In a statement issued on Wednesday, Siddiqui underscored the inclusive nature of SFIC, which brings together key stakeholders from both civil and military institutions, industrialists, investors, the business community, bureaucrats, and politicians. He expressed optimism that SFIC's efforts to assure foreign investors of their profits would pave the way for significant investment in Pakistan, potentially reaching $60 billion over the next five years.

Siddiqui emphasized the positive impact of such investment on Pakistan's economic stability and the creation of an environment conducive to business growth. He urged SFIC to extend similar opportunities to local investors, acknowledging that foreign investment may take time to materialize.

The HCCI President highlighted the need for a streamlined 'one-window operation' for businessmen in Pakistan to facilitate local investment and reduce the burden of dealing with numerous government departments at both the provincial and Federal levels.

He also advocated for the formulation of economic policies specifically aimed at reviving existing industries, believing that such measures would play a pivotal role in driving economic progress.

Siddiqui pointed to Hyderabad district's immense potential and rapidly growing population, lamenting the lack of adequate investment opportunities for industrialists and investors. He attributed the absence of a dedicated industrial zone to the city's stagnation in terms of new industrialization.

To address this issue, Siddiqui called for the establishment of a new industrial zone in Hyderabad, providing a platform for industrialists to establish new ventures. He questioned how Pakistan could expect to increase exports and foreign exchange earnings without providing essential facilities to its local population. The lack of such facilities, he asserted, would also hinder employment opportunities.

Siddiqui drew attention to the delayed development of phase-II of SITE Hyderabad, which has been under construction since 2008. He expressed frustration over the failure of industrialists to secure industrial plots despite fulfilling all necessary requirements. He advocated for addressing these challenges under the umbrella of SFIC, believing that industrial growth would lead to a surge in job creation.