BMP threatens to take ‘action’ if critical issues not resolved

KARACHI: Businessmen Panel (BMP) has issued a strong call to action, demanding an urgent review of IPP contracts, reduction in electricity and gas tariffs, lowering of interest rates, withdrawal of FBR notices to traders under the Tajir Dost Scheme and SRO 350, facilitation of TIR transit trade through Iran, and resolution of other critical issues affecting the trade and industry sector.

Addressing a large gathering of business community in Karachi to discuss “Economic Situation and Role of Trade Bodies” Mian Anjum Nisar, Chairman BMP, Mian Naseer Hyatt Magoo, Senior Vice Chairman BMP, Zakaria Usman, Aun Ali Syed, Vice President FPCCI representing KP, highlighted the difficulties and problems faced by business community.

Mian Anjum Nisar, Chairman BMP, warned of the dire economic situation facing the country. With soaring inflation and unemployment and declining GDP, Pakistan is grappling with its worst economic crisis in decades.

“The unsustainable IPP contracts are crippling our industries and hindering economic growth,” said Mian Anjum Nisar.

“We demand an immediate review and renegotiation of these agreements to alleviate the burden on businesses and consumers.”

Mian Nasser Hyatt Magoo demanded immediate withdrawal of FBR Notices to traders under Tajir Dost Scheme. He emphasized on the need to facilitate border trade under TIR transit through Iran and restructuring and reform of FBR. “The BMP demands immediate government intervention to address these critical issues. Failure to act will have severe consequences for the economy and the livelihoods of millions,” said Mian Nasser Hyatt Magoo.

He expressed his displeasure over diminishing the role of Policy Board established in 2021 at FPCCI. In this regard, the role of trade bodies is of critical importance in guiding the government towards right policies.

The BMP leaders emphasized that the government must engage with the business community to develop effective policies for economic revival.

Zakaria Usman, senior business leader, highlighted the role of the Federation of Pakistan Chambers of Commerce & Industry and his struggles for the business community. “The business community is united in its demand for urgent action. We call upon the government to heed our call and take decisive steps to stabilize the economy,” said Zakaria Usman.

Aun Ali Syed, Vice President FPCCI urged unity among the business community and assured of his full support.

The BMP urged the government to take immediate action on the demands raised to prevent further economic deterioration and create a conducive business environment for trade and industry. The survival of businesses and the overall economy depends on it. Hanif Sabuwala and Tariq Irshad from Pakistan Iron & Steel Merchants Association in a written statement demanded withdrawal of SRO 350 causing severe hardships to businesses.

Abdul Rahim Janoo spoke briefly about rice export while Hanif Lakhany’s comment on economy evoked interest. The participants representing almost all sectors of the economy wholeheartedly supported the above demands and appreciated the BMP leadership for providing this opportunity to discuss current economic issues.

Copyright Business Recorder, 2024