Mr Irfan Iqbal Sheikh, President of FPCCI, has expressed his shock over the formation of the Economic Advisory Council under the leadership of Prime Minister Mian Shehbaz Sharif without consulting the business, industry and trade community of Pakistan.
We have also not given a representation in the council; and, it is counterproductive – to say the least, he added.
Mr Irfan Iqbal Sheikh maintained that FPCCI is the apex chamber of the country and its representation would provide the able and timely assistance to the Prime Minister and his economic team in the matters of budget-making; taxation & tariffs; governance & administrative reforms; rapid industrialization; textiles & allied industries; promotion of information & communication technologies; EPZs & SEZs; export growth & import substitution; rupee-dollar parity and SMEs.
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President of FPCCI noted with concern that the current account deficit (CAD) will be close to $20 billion, which is well above 5% of GDP; inflation has crossed 12% and heading towards 15% by the year-end; trade deficit has crossed $35 billion in the nine months of July – March; KIBOR is 14.10% after 13 years and 6-month treasury bills at 14.99% after 22 years. Interestingly, this is happening in spite of record proceeds from exports, remittances and taxes, he added.
While proposing the imposition of an economic emergency a few days back, the President of FPCCI has also expressed his willingness to engage with the government in a productive consultative process to take on the economic challenges collectively in the broader national interest.
However, the President of FPCCI, Mr Irfan Iqbal Sheikh has reiterated his stance that policies should not be announced in a vacuum without consulting the business, industry and trade community – as they are the real stakeholders in the economy.