Unilateral decisions pushing export sector towards total closure, says FCCI

FAISALABAD: Unilateral decisions pushing the export sector toward total closure and shutdown of industry would be tantamount to choking Pakistan economically, said Dr Sajjad Arshad, Senior Vice President Faisalabad Chamber of Commerce & Industry (FCCI).

He was addressing at the FCCI Standing Committee on Revival and Sustainability of Value-Added Textile Export Industry.

The meeting was also attended by Vice President Haji Muhammad Aslam Bhalli, Chairman Standing Committee Mian Muhammad Latif and Kashif Zia while Mian Javed Iqbal also addressed the meeting through telephone.

They expressed serious concerns over the proposed increase in electricity and gas tariff and said that industrial, business and trading activities could not be continued in the prevailing economic situation.

Haji Aslam Bhalli said that Pakistan was passing through its worst economic crisis.

“Half of the industries have already been closed down and if the electricity and gas tariff was further jacked up, it would become next to impossible to continue the industrial wheel in progress.

Mian Muhammad Latif said that increase in gas and electricity tariff would be unacceptable and if it was enforced, industries would come to a grinding halt. He forewarned that the closure of the industrial sector would open flood gates of unemployment which in return would further deteriorate the law and order situation in the country. He said that many units have already been closed while the remaining were at the verge of collapse due to the inconsistent economic policies and global meltdown.

He said that President FCCI Dr Khurram Tariq was out of country, hence a comprehensive meeting of this standing committee would be held on February 21.

Copyright Business Recorder, 2023