Economic situation is deeply concerning, "charter of economy" need of the hour

The President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Irfan Iqbal Sheikh, on Monday, said that all the economic indicators have turned negative and the economic situation is creating profound concern within the business community.

He expressed these views while addressing the Press Conference after the Second Session of FPCCI "National Consultative Conference of Chambers & Associations on National Economic Plan for Economic Development" here at FPCCI Regional Office Lahore.

Sheikh stressed that he had never seen such an uncertain situation in 45 years of business life and suggested that the government take business leaders on board to steer the economy out of trouble.

Regional Chairman FPCCI Muhammad Nadeem Qureshi, Former President Mian Anjum Nisar said that "Importers are paying $120 per container per day as demurrage charges due to the Letters of Credit (LCs) issue. The State Bank of Pakistan (SBP) should address this issue on an urgent basis,".

They demanded that the dollar stagnation be controlled so that inflation controls the business class that wants to take the domestic economy forward.

They added that, "Pakistan only exports to 10-12 countries and should tap new markets to increase revenue. The country should focus on engineering products as their share in the global market is 19% while the share of textile products is only 6%".

Irfan said that economic decisions are only acceptable by consulting the business community; this is a consensus statement of the business community in Pakistan.

The FPCCI and all trade bodies of the country will work together regarding Pakistan's economic and commercial development. Short-term and long-term policies will have to be made to improve the economy of

Pakistan. All the problems of the country can be solved only when the political and economic leadership sit together with good intentions and sincerity to come up with the best economic model to get the country out of the current financial crisis and present the strategy to the nation, Irfan added.

Irfan Iqbal Shaikh added that agreeing on the Charter of Economy is the need of the hour. All economic matters should be handled with consensus decisions with the recommendations of FPCCI and trade bodies which are major stakeholders.

To take the country out of the economic crisis, FPCCI has started the process of preparation for the Charter of Economy.

Likewise, the third conference session will be held in Karachi on January 10, in which the chambers and associations of Sindh and Balochistan will participate. After consultation with all the trade bodies, the Charter of Economy will be prepared and shared with the Government and all the country's political parties for consensus.