KARACHI: President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Irfan Iqbal Sheikh has presented the FPCCI Economic Plan and stressed the need for regional trade to ease the current economic crisis.
During a press conference at the FPCCI, he expressed concerns over the worsening economic situation, citing various factors including the imbalance of payments caused by floods, increasing inflation, and the repayment of loans as key issues that need to be addressed urgently.
Irfan Sheikh said that FPCCI had spent two and a half months preparing a comprehensive plan to help the country come out of current difficult times.
He said that there was a need for an urgent energy plan to be put in place and identified the Thar Coal project as a key initiative that could change the fortunes of the country by generating cheap electricity for just four rupees.
Sheikh also discussed the role of the International Monetary Fund (IMF) in the country's economic situation, stating that the country's GDP had decreased since the implementation of the IMF program.
He added that inflation continued to increase, and the situation would only improve if foreign investment increased and emphasized the importance of establishing local industries and reducing imports to help boost exports.
The economic plan included a focus on increasing agricultural production and helping farmers in a modern way.
Sheikh noted that despite Pakistan being a farming country, the production per hectare was less than that of other regional countries.
He stressed the need for regional trade, highlighting the importance of trading with neighbouring countries such as India, Afghanistan, and Iran, and added the FPCCI would be meeting with military leadership next week to discuss ways to solve the country's economic crisis.
FPCCI President also talked about forming a private force to protect themselves and the need to meet with all organizations to find solutions to the economic crisis and expressed concern over the cancellation of a call to meet with Prime Minister Shehbaz Sharif for the fifth time.
Former President of the FPCCI, Nasir Hayat Maggo, also highlighted the need for correct decisions to be made to help address the economic crisis. He criticized previous governments for their lack of action and questioned why coal power plants became dependent on imported coal.
Copyright Business Recorder, 2023
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