Warns, Unprecedented Petroleum Price Hike Will Increase Cost of Doing Business

ISLAMABAD, APR 3 /DNA/ – President Islamabad Chamber of Commerce and Industry (ICCI), Sardar Tahir Mehmood, has said that the upcoming Federal Budget 2026 presents a historic opportunity for the government to reset Pakistan’s economy, restore investor confidence and place the country firmly on the path of sustainable economic growth.

Addressing a press conference at the Chamber House on Friday, he said that the purpose of the briefing was to present the proposals and expectations of the business community to policymakers so that a business-friendly, investment-oriented and growth-driven budget could be formulated.

He noted that the rapidly changing global and regional situation, particularly the tensions in the Middle East, has created new investment dynamics. In this scenario, many overseas Pakistanis are exploring alternative investment destinations. He urged the government to capitalize on this opportunity by attracting overseas Pakistani investors through tax rebates, tax holidays and other incentives.

Sardar Tahir Mehmood said that while the business community appreciates the government’s initiatives aimed at providing relief to the common man, including the subsidy for motorcyclists, the unprecedented increase in petroleum prices has significantly increased the financial burden on the public. He warned that higher fuel prices would not only escalate the cost of doing business but also fuel inflation across the economy. He therefore urged the government to take concrete measures to reduce energy costs and provide relief to industry.

The ICCI President emphasized that the real estate and construction sectors are among the most vital pillars of Pakistan’s economy, as they are connected with numerous industries including cement, steel, electrical goods and transportation, while also generating large-scale employment opportunities. He stressed the need for a transparent, simple and investor-friendly policy framework to revive and accelerate growth in this sector.

He added that the Prime Minister has hinted at announcing a package for the construction industry soon. The business community expects that this package will be comprehensive and inclusive, enabling Pakistan to attract investors particularly from GCC countries, who have shown keen interest in investing in the ck ountry.

Sardar Tahir Mehmood also proposed the establishment of special economic zones for overseas Pakistanis, promotion of tourism through incentives and public-private partnerships, enhanced facilitation for IT exports and startups, and the effective utilization of Pakistan’s vast mineral resources through investor-friendly policies.

He further suggested the creation of a one-window investment facilitation system for overseas Pakistanis to simplify investment procedures and eliminate bureaucratic hurdles. He stressed that policy consistency, a simplified tax regime and business-friendly regulations are essential to restore investor confidence.

The ICCI President emphasized that key economic decisions should be taken in consultation with chambers of commerce and business community representatives instead of unilateral policymaking, as such collaboration would lead to more practical and effective economic policies.

Reaffirming ICCI’s commitment, he said the Chamber will continue to work closely with the government and all stakeholders to promote policies that encourage business growth, investment and economic stability. He expressed hope that by incorporating the proposals of the business community, Budget 2026 can help Pakistan achieve economic stability and emerge as a stronger economic force in the region.

On this occasion  former Presidents Zubair Ahmed Malik, Mohammad Ejaz Abbasi, Executive Members Imran Minhas, Zulqurnain Abbasi, Najeeb Ellahi Malik, Ishaq Sial,  Mirza Mohammad Ali, Raja Naveed Satti,  former SVP Khalid  Chaudhry, former VP Ashfaq Chattah,  ICCI senior members Israr Mishwani, Rana Qaisar, Tehmas Butt, Chaduhry Mohammad Ali and other were also present.