Business community urging the Gov for immediate measures for reviving economy

The Business Community leaders rang alarm bells at the 15^th edition of “All Pakistan Chambers Presidents’ Conference under the banner of International Chamber Summit (ICS 2023) being organized by Rawalpindi Chamber of Commerce and Industry (RCCI) in Islamabad here on Tuesday.

Chambers of Commerce Presidents across Pakistan gathered at ICS 2023 conveyed their urgency and grievances to the representatives of the Government and urged that emergent measures be required to address falling rupee, delay in letter of credits, concrete measures for ease of doing business, and suggested that industrial packages shall be announced to bring Pakistan out of economic crises.

Federal Minister for Industry and Production Syed Murtaza Mahmood who also spoke on the occasion of International Chambers Summit said that the government will include the suggestions of the business community in the policy for the improvement of the economy. Currently, the country’s economy cannot afford any kind of political polarization, we have to move towards value addition, the government will prioritize the recommendations of the Chambers to bring forward the non-traditional sectors..

Earlier, Saqib Rafiq, President of the Chamber, said that the International Chambers Summit 2023 is being held at a time when Pakistan is going through a difficult period in its history, with extremely low foreign exchange reserves, depreciating rupee, delay in letters of credit to exporters and importers. Interest rates are at record highs, inflation is high, and investor confidence is low.

The main objective of the conference was to gather feedback and recommendations from key stakeholders of the business community and present it to the government, he added.

Through this conference, RCCI also prepared a joint declaration which will be presented to all concerned government agencies and stakeholders which will definitely serve as policy guidelines for budget, fiscal and export policy etc.

The key agenda points include taxes and their impact on the national economy,  cost of doing business, Free Trade Agreements and Preferential Trade Agreements, Climate Change and National Economy and E-commerce business in Pakistan.