Businessmen Panel for reducing cost of doing business

KARACHI: Anjum Nisar, Patron-in-Chief of the Businessmen Panel, has called on the federal government to take decisive steps to lower the cost of doing business, particularly through reducing electricity tariffs and providing import relief on raw materials.

Addressing a reception, organized by Rafique Suleman, former Chairman of the Rice Exporters Association (REAP), Anjum Nisar reaffirmed his dedication to serving the business community and fostering unity. The participants expressed unwavering confidence in Anjum Nisar’s leadership and emphasized the need for collective efforts to address economic challenges and drive export growth.

In his address, Nisar shedding light on the challenges faced by the Businessmen Panel after their victory at the Lahore Chamber of Commerce and Industry (LCCI) and accused rivals of adopting an aggressive stance and emphasized the importance of sportsmanship in business politics.

Discussing strategies for boosting exports, he highlighted the critical need to reduce production costs, particularly through lower electricity tariffs and import relief on raw materials. He also underscored the importance of diversifying exports to include sectors like IT and value-added products, in addition to traditional industries like rice and textiles.

Advocating for favorable trade agreements to access new international markets, Nisar called for streamlined regulatory processes and the elimination of bureaucratic obstacles. He further emphasized the role of modern infrastructure and technology investments in enhancing the competitiveness of Pakistani products in global markets.

Rafique Suleman, the event’s host, assured complete loyalty to Nisar’s leadership, emphasizing the unified backing of chambers and associations nationwide. Discussing the economic issues, Rafique Suleman raised concerns about the persistently high-interest rates of 13 percent, despite inflation falling to 4.90 percent and urged the State Bank of Pakistan for further reduction in the key policy rate to facilitate the industry and exporters. He demanded a special electricity tariff for industry and exports to reduce the production costs to make Pakistani exports more competitive globally.

Javed Jilani Senior vice chairman REAP, presented a vote of thanks and expressed his gratitude to all attendees for their participation and reiterated REAP’s continued support for Anjum Nisar. The event was graced by prominent businessmen from Karachi, including Rahim Jano, former Senior Vice President of the FPCCI, Ghani Usman, and other industry leaders.