Author­i­ties should brace for chang­ing global eco­nomic land­scape

Pakistan Observer - - INTERNACIONAL -

ISLAMABAD—The Fed­er­a­tion of Pak­istan Cham­ber of Com­merce and In­dus­try (FPCCI) on Satur­day said busi­ness com­mu­nity of Pak­istan will fully co­op­er­ate with the Gov­ern­ment to face chal­lenges emerged from Brexit.

Author­i­ties should take im­me­di­ate steps to brace for chang­ing global eco­nomic land­scape, it said.

Brexit has not only cre­ated prob­lems but also op­por­tu­ni­ties which should be used in the in­ter­est of the coun­try, said Za­far Bakhtawri, VP FPCCI while speak­ing to busi­ness com­mu­nity of Islamabad and Karachi through video link.

Sec­re­tary Gen­eral UBG Zubair Tu­fail, Spokesman Gulzar Feroze, Mirza Ikhtiar Baig, Ma­heen Khan, Mian Shaukar Ma­sood, Ch. Wa­hee­dud­din, Naeem Sid­diqui, Ch. Khalid, Babar Chaudhry and oth­ers were also present on the oc­ca­sion.

Mr. Bakhtawri said that the rea­son be­hind UK de­ci­sion was re­duced Rus­sian threat and soft im­mi­gra­tion laws which has cre­ated un­rest among the lo­cal pop­u­la­tion.

The UK’s move has hit Euro and Pound which has started hit­ting Pak­istani ex­ports while the is­sue of GSP should be tack­led on pref­er­ence, he added.

He said that Pak­istan’s 29 per­cent ex­ports and Europe­bound in which UK’s share is seven per­cent of 1.6 bil­lion dol­lars which is tak­ing a hit.

The lat­est de­velop can com­pel some of the three mil­lion Pakistanis to leave which will hit re­mit­tances and cre­ate un­em­ploy­ment prob­lem at home, he said.

Speak­ing at the oc­ca­sion, Zubair Tu­fail, Gulzar Feroze and oth­ers said that many coun­tries will try to reap ben­e­fit of the sit­u­a­tion but China will emerge vic­to­ri­ous which will be good for Pak­istan.

Pak­istan should try to use plat­form of Com­mon Wealth while lure Bri­tish in­vestors who are now look­ing for place where they could in­vest safely. For­eign in­vest­ment in Pak­istan is set to rise in­clud­ing that in the stock mar­ket but Pak­istan should im­me­di­ately open di­a­logue with UK to off­set any neg­a­tive im­pact on its ex­ports, they de­manded.

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