ISLAMABAD: Federation of Pakistan Chambers of Commerce & Industry (FPCCI) President Atif Ikram Shaikh on Saturday emphasized the necessity of implementing investment-friendly policies to protect the economy.
President Shaikh underscored the importance of reducing electricity and interest rates to stimulate economic activity, according to a press release.
He highlighted that despite a decrease in inflation to 11.8%, the prevailing 22% interest rate needs adjustment to facilitate smoother business operations across the country.
Shaikh emphasized that a reduction in interest rates could potentially save the government up to 3 trillion rupees in interest payments.
Addressing challenges in the textile sector, President Atif Ikram noted the obstruction of cotton imports from the US and Brazil at ports over the past four months. This bottleneck has resulted in significant financial burdens due to escalating demurrage charges, which have now reached Rs 50 million.
He expressed concern over the payment of these charges in foreign currency, exacerbating economic pressures on the nation. President Shaikh urged prompt government intervention to address this issue and seek immediate resolution.
President Atif Ikram expressed confidence in Prime Minister Muhammad Shehbaz Sharif’s commitment to fostering a conducive environment for business and trade in Pakistan.
