ISLAMABAD, JAN 31 /DNA/ – Atif Ikram Sheikh, President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), stated today that the business community wholeheartedly welcomes the Prime Minister’s historic economic package. He described the announcement as a pivotal turning point in the “Maarka-e-Maishat” (Economic Battle), placing Pakistan firmly on the path toward export-led growth.

Addressing a press conference at the FPCCI Capital Office, Mr. Sheikh emphasized the necessity of promoting a “District Economy.” He declared, “Our resolve is to transform ‘Made in Pakistan’ into an exemplary global brand and turn the country into an export-led powerhouse.”

KEY HIGHLIGHTS OF THE PRESS CONFERENCE:

Policy Support & Cooperation: The FPCCI President clarified that the federation’s philosophy is based on cooperation rather than opposition. “We acknowledge the constraints imposed by the IMF and the government’s limitations, yet we strive for meaningful partnerships,” he added.

Energy Relief: The business community welcomed the Rs. 4.04 per unit reduction in electricity prices, expressing hope for further cuts in the coming days.

Wheeling Mechanism: Mr. Sheikh noted that an active wheeling mechanism, a long-standing FPCCI demand, will provide industries access to cheaper energy, helping exporters meet global market requirements.

Monetary Policy: He urged a further reduction in the policy rate, suggesting a gradual decrease to 7% to stimulate investment and alleviate poverty.

The Blue Passport Initiative: The announcement of the Blue Passport facility for exporters was lauded as a significant step in boosting the prestige and morale of the business community.

CONCERNS AND CHALLENGES:

Despite the positive outlook, Atif Ikram Sheikh warned that the immediate recovery of Rs. 300 billion in Super Tax could “break the back” of the industry. He cautioned that this move would trigger a severe liquidity crisis and disrupt the business ecosystem, urging the government to find a more reasonable and balanced solution.

PROPOSAL FOR DISTRICT ECONOMIC COMMISSIONERS:

To solve economic issues permanently, the FPCCI proposed appointing a District Economic Commissioner in every district, modeled after the Deputy Commissioner (DC) and DPO. This official would be responsible for:

•           Industrial research and SME development at the local level.

•           Human resource development and women’s economic inclusion.

•           Providing employment opportunities at the doorstep of citizens.

Appeals to the Government:

The FPCCI leadership, including Vice President Tariq Jadoon, Chairman Malik Sohail Hussain, and various Chamber Presidents, requested the Prime Minister to take immediate notice of the suspension of flour supply from Rawalpindi and Islamabad to Khyber Pakhtunkhwa.

Furthermore, they demanded that the upcoming federal budget focus on reducing the tax burden and transitioning toward digital enforcement rather than coercive measures. The leadership concluded that this package is essential for reviving closed industries and supporting SMEs, which remain the backbone of Pakistan’s economy.

Addressing the press conference, FPCCI Vice President Tariq Jadoon, Chairman Coordination Malik Sohail Hussain, Former President FPCCI Ghazanfar Bilour, Chairman Founder Group (ICCI) Tahir Sadiq, President Rawalpindi Chamber Usman Shaukat, Former Vice President FPCCI Mian Akram Farid, and Advisor to President FPCCI Sheikh Muzammil Saleem collectively welcomed the government’s economic package and the reduction in electricity prices.

The leaders highlighted the following key points:

•           Blue Passport Initiative: They lauded the Prime Minister’s decision to issue Blue Passports to the business community, noting that it restores the prestige of exporters and will significantly drive export-led growth.

•           Operational Relief: The reduction in power tariffs is expected to drastically lower production costs, helping to revive closed industrial units across the country.

•           SME Development: They emphasized that Small and Medium Enterprises (SMEs) are the backbone of the economy, and their promotion is indispensable for national development.

•           Inter-Provincial Trade Issue: The leadership made a special request to the Prime Minister to take immediate notice of the suspension of flour supply from Rawalpindi and Islamabad to Khyber Pakhtunkhwa, urging for a swift resolution to ensure food security.=DNA

================