Investment in Pakistan: Govt urged to collaborate with FPCCI

LAHORE: S M Tanveer, Patron-in-Chief of the United Business Group (UBG) and former Punjab Minister, has made a pressing appeal to the government to collaborate with the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) to attract billions of dollars in investment to Pakistan.

Tanveer cited the ongoing political crisis in Bangladesh, which has led Western investors to withdraw their investments, presenting a timely opportunity for Pakistan to capitalize on this situation. Additionally, he highlighted the cancellation of large quantities of textile export orders from Western clothing brands in Bangladesh, which may be diverted to other countries like India, Vietnam, or Cambodia if swift action is not taken.

To seize this opportunity, Tanveer emphasized the need for immediate government intervention, stressing that the window of opportunity is only two weeks.

He recommended the government to reduce energy prices to 9 cents, allow domestic supply chain for exports under SRO 1125 immediately, and decrease interest rate to 12 percent to make the local textile industry viable.

By taking these steps, he said, Pakistan can attract significant investment and secure billions of dollars in textile export orders, creating millions of jobs and boosting the country's economy.

Copyright Business Recorder, 2024