RAWALPINDI: The Rawalpindi Chamber of Commerce and Industry (RCCI) president Malik Shahid Saleem on Monday has said that business community has serious concerns on growing economic uncertainty.
The given uncertainty and vague economic polices had dropped Pakistan Stock Exchange 100 Index to lowest three year level and it will drop further if timely measures were not taken, he feared.
Investors’ specially foreign investors can only be attracted once we have economic stability and continuation of economic policies.
RCCI president called upon the government to take quick decision about the direction of economy and sign an agreement with the IMF as early as possible for the improvement of capital market.
Malik Shahid Saleem lamented on unnecessary delays in economic decisions, uncertainty and not fixing direction of economy resulted in decline of investment in the market.
He said government should provide conducive environment for boosting trade and industry and economic stability can be earned by removing bottle necks. An agile effort is required to thumb down negative indicators.
He further said that China Pakistan Economic Corridor (CPEC) had given us a golden chance to revive our industrial regime and transformation towards Small and Medium Enterprises (SMEs).
He said establishing industrial zones under this multi-billion project will help national economy and creating thousands of jobs. However, he has shown grave concern on recent wave of inflation and price hike in POL prices.
RCCI president said that Pakistan’s manufacturing sector already facing a big challenge on cost competitiveness and given raise in petroleum prices will badly impact the export targets.
RCCI chief said that it is very concerning that trade deficit, import bill and circular debt has been widen. Government must take immediate and concrete steps to improve exports and lower taxation.
