Authorities should brace for changing global economic landscape
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.