KARACHI: Mian Zahid Hussain, President Pakistan Businessmen and Intellectuals Forum & All Karachi Industrial Alliance, Chairman National Business Group Pakistan and Chairman Policy Advisory Board FPCCI, has urged the prime minister to immediately announce special “Industrial Package” to avert a systemic collapse of the nation’s manufacturing sector.
He also expressed profound grief over the devastating fire at Gul Plaza, which has claimed lives and destroyed the livelihoods of hundreds of small-scale traders.
“The tragedy at Gul Plaza is a heartbreaking blow to the trade community of Karachi,” said Mian Zahid Hussain.
We urged the Sindh government and the prime minister to ensure immediate, transparent compensation for the affected and to conduct a judicial enquiry along with a rigorous safety audit of all commercial high-rises to prevent such catastrophes.
Turning to the broader economic crisis, the veteran business leader and former provincial minister for IT warned that Pakistan’s industry is currently on a “ventilator.”
He strongly backed the recent demands made by the FPCCI, noting that despite government promises to provide electricity at Rs 22 per unit, industrial consumers are still receiving bills reflecting rates of over Rs 35 per unit.
“Our export competitiveness is being intentionally strangled,” Mian Zahid Hussain remarked.
“With an industrial electricity tariff of roughly 12.5 cents per unit, we cannot compete with regional rivals like India, Bangladesh and Vietnam, where costs are 30–40 percent lower. The government must immediately abolish cross-subsidies amounting Rs 130 billion, that penalise productive sectors to cover for administrative inefficiencies.”
He further emphasised that with inflation now falling significantly below 6 percnent, the current policy rate of 10.5 percent is unjustifiable. He demanded an immediate reduction to single digits (7–9 percent) in the upcoming Monetary Policy Committee meeting scheduled on January 26, 2026 to stimulate private sector credit and restart the stalled wheels of industry.
He noted that over 150 large textile spinning units have shuttered in the last two years, leading to mass unemployment.
On the diplomatic front, Mian Zahid Hussain termed US President Donald Trump’s invitation to Prime Minister Shehbaz Sharif to join the “Board of Peace” for Gaza as a significant acknowledgment of Pakistan’s strategic importance.
However, he cautioned that a nation’s diplomatic influence is tied to its economic strength.
“While we welcome Pakistan’s inclusion in this global peace initiative, we must realize that a crippled economy cannot sustain a strong foreign policy. To play a leadership role in international stability, we have to first stabilize our internal industrial base.”
He concluded by urging the Prime Minister Shehbaz Sharif to take notice of the rapid de-industrialisation and capital flight, calling for a reduction in industrial income tax and a rationalized energy pricing model to restore the confidence of the business community.
Copyright Business Recorder, 2026