ICCI blame inconsistent economic policies for industry closure

ISLAMABAD: The Islamabad Chamber of Commerce and Industry (ICCI), Friday, blaming inconsistent economic policies for stalled economic growth and industry closure has called for collective efforts to put the country on economic recovery trajectory.

ICCI President Nasir Mansoor Qureshi, underscoring the need for enhancing Pakistan’s export capabilities to pull the country out of the economic crisis, proposed utilizing all available marketing strategies, including delegations, social media and webinars, so that exports of the country could be increased.

Qureshi identified rising business costs, such as inflated energy prices, increased policy rates and inconsistent economic policies, as major obstacles to doing business in Pakistan, leading to unemployment and industry closures.

To address these issues, Qureshi highlighted the need to tap the untapped export potential in sectors such ashalal food, pharmaceuticals, information technology, engineering, surgical instruments and sports goods. He emphasized the importance of strategic partnerships in international markets and advocated for private sector facilitation in marketing products globally, including participation in trade exhibitions and exchanging business delegations.

He proposed that the export development fund should be utilized to provide subsidies to the SME sector, especially the women entrepreneurs for the growth of their businesses.

The ICCI president also recommended the strict evaluation of the performance of the commercial attachés abroad. He proposed that they must be assigned exports-related specific tasks and that if any of them fails to achieve the given targets, he must be replaced.

He also stressed the need for rational taxation instead of harassment of the business community by the Federal Board of Revenue (FBR), emphasizing that broadening the tax net is crucial, rather than burdening existing taxpayers.