Daily The Business

FPCCI ruling group wasted four years of business community


Our Special Correspondent

LAHORE: The Businessmen Panel on Friday said Federation of Pakistan Chambers of Commerce and Industry ruling group UBG wasted four years of business community and not a single work done for the community which is unprecedented.

FBR refunds are still pending towards the business community and we have not seen any comprehensive efforts by FPCCI which is a matter of a great concern. Similarly, the deprived trade bodies are in frustration due to lacklustre behaviour of the UBG towards them. They feel isolated because their issues are still there and no one is there to oversee it. The Panel stated the time proved that establishment of the UBG was nothing except to cater personal interests in front of the government.

Businessmen Panel (BMP) Presidential candidate, Alauddin Marri said that even after passing three months of new government in power the situation of economic confusion could not be controlled. Foreign reserves are left with only $ 13 billion while trade deficit reached to $ 12 billion. The current account has reached to $ 5 billion in the first four months of current fiscal year. Exports have inclined by 3 percent however imports cannot be controlled due to ongoing CPEC projects. LSM growth has been declined by 1 percent during the period.

He said that consumer price index has already risen to 6 percent which is troubling business community and masses equally. IMF has suggested increasing FBR collection target by Rs. 70 to Rs. 100 billion in the
backdrop of next bailout program for the Country, which will significantly increase the cost of doing business and inflation.

Marri alleged the current FPCCI’s leadership has not used the vital forum of the leading trade and industry chamber for resolution of any problem and pertaining to the business community except giving mere
statements and fake promises as usual. The government should provide investment friendly environment in addition to incentives to the investors to improve foreign investment in the Country.

Chairman of the Businessmen Panel, Mian Anjum Nisar, and panel other officials Mian Zahid Hussain, Senator Haji Ghulam Ali, Khawaja Shahzeb Akram, Naveed Jan Baloch, Adnan Jaleel, Sheikh Aslam, Ahmad Jawad and Saquib Fayyaz Magoon also said the BMP has always raised its voice for the resolution of challenges faced by the business community and focused to take concrete measures for the same after securing victory
in the FPCCI election 2019. Industrialists and traders play vital role in the economic growth of the Country and should be including in Government’s decision pertaining to the Country’s economy for fruitful results.

Government should be benefitted from the experiences and practical exposure of the business community and to develop the export sector, suggestions and recommendations of the business community should be
implemented. BMP officials urged government for early payment of Rs. 300 billion refunds of exporters and reforms in the tax system. It is important that the impacts of Prime Minister’s foreign visits should be extended to the nation in term of increased foreign investment; however it will take few more months which is understandable.

We aimed to take concrete measures for increasing FPCCI’s role in the economic growth and to make it the most active chamber across globe for which the business community will needs to perform accountability
of ineligible UBG leadership; they added.

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