‘Need to restore confidence of local, foreign investors’

KARACHI: Vice President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Muhammad Aman Pracha has emphasised the need to restore the confidence of both local and foreign investors and industrialists.

He stressed that taxpayers’ dignity must be preserved and they should be provided with all the necessary incentives to conduct their businesses in more friendly and better environment.

He highlighted that necessary steps must be taken to stabilize the national economy by addressing the issues faced by exporters.

“Pakistan is currently grappling with many problems. In such circumstances, the current government alone will not be able to pull Pakistan out of its difficulties. To resolve these challenges, all segments of society must unite and work together to find solutions,” he said while speaking with a delegation of traders.

Aman pointed out that around the world, investors are being attracted through attractive incentives, and Pakistan’s government must also develop policies that promote investment within the country. “We must also work to bring back the capital that has moved abroad. This can only happen through mutual consultation and addressing the concerns of investors so they can once again set up industries here. To do this, the government should bring the leadership of FPCCI on board.”

Aman Pracha also acknowledged the government’s claim of a reduction in inflation but emphasised the reality that over 40% of the population lives below the poverty line. He noted that it is crucial to investigate the reasons why Pakistan is lagging behind in the region.

“We need to address the causes of unemployment in the country, restore investor confidence, and have all institutions meet with investors to resolve their concerns and encourage new investments. This will help reduce unemployment, and provide better job opportunities to the youth who are considering migrating abroad.”

The FPCCI vice president further mentioned that to make business easier, the role of agencies must be minimised. “High tax rates, rising tariffs on power, gas, and water have severely harmed businesses. The infrastructure in Karachi needs to be improved, and law and order conditions must be enhanced. The rise in street crimes is alarming, and law enforcement agencies' control over criminal elements is weakening.”

Copyright Business Recorder, 2024