KARACHI: Atif Ikram Sheikh, President FPCCI, has apprised FPCCI’s stance that Balochistan needs special attention of the government vis-a-vis industrialization; waivers in taxes & duties; setting up, incentivization & operationalization of special economic zones (SEZs); establishing Bank of Balochistan on the lines of other provinces and maintenance of law & order – which is an absolute necessity for economic activities to flourish and attract investors.
The FPCCI chief explained that like Bank of Punjab (BoP), Bank of Khyber (BoK) and Sindh Bank, the federal and provincial governments should facilitate the establishment of the Bank of Balochistan to make access to finance for setting up industries in Balochistan possible and viable.
He maintained that Bank of Balochistan should devise their lending policies to suit the specific conditions of Balochistan; limitations of its business community and its entrepreneurs. This one step can usher the province into a new era of economic development like never before. Additionally, FDI and domestic investment from other parts of Pakistan will also start flowing to Balochistan – if the province starts establishing indigenous industry.
Atif Ikram Sheikh highlighted that the people of Balochistan are resilient; and, business, commercial, trade, investment, industrial and economic activities in the province are going on due to their dynamism. However, cottage industries and micro, small & medium (MSMEs) should be protected to keep the provincial economy afloat.
Nasir Khan, VP FPCCI from Balochistan, maintained that the situation is grave and employment opportunities are shrinking fast for the youth as SMEs are the most effected business entities – and, SMEs are the real engine of growth for a developing country like Pakistan and generate the most employment in the country.
Nasir Khan stressed that, other than a bank of its own, the second most critically missing institution of economic significance in Balochistan is an insurance company. Without an insurance company, traders, industrialists, service providers, transporters and investors, all feel insecure to do business in Balochistan. He proposed a public-private partnership model for setting up institutions or organizations that create and support an ecosystem for a thriving business environment.
He explained that in order to protect the youth of Balochistan from falling into the hands of outlaws, Pakistan needs to bring them out of poverty by their empowerment through education & skill development; providing them employment opportunities; emancipation from poverty and making them stakeholders in the economic development of the province and ultimately to the entire Pakistan.
Nasir Khan, highlighted the need for a major marketing and PR campaign for Balochistan to attract domestic and foreign direct investment (FDI) into Balochistan through assuring the investors and entrepreneurs full safety and security. The FPCCI will be fully supporting the armed forces and the government in all such endeavours, he added.
Copyright Business Recorder, 2024
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