LAHORE: Chairman of the United Business Group, SM Tanveer, has raised concerns over the recent increase in fuel prices, stating that Pakistan continues to receive adequate oil supplies despite the hike.
Addressing a press conference in Lahore alongside officials of the Federation of Pakistan Chambers of Commerce and Industry, Tanveer emphasised the need for the government to engage with stakeholders before taking key economic decisions.
He said the business community could offer constructive input if consulted, stressing that a comprehensive long-term policy framework was essential for sustainable economic growth.
Tanveer noted that global stakeholders were willing to cooperate with Pakistan to resolve economic challenges, describing the current moment as critical for decisive action. He urged the government to prioritise economic stability through structured planning and dialogue, adding that policy decisions, particularly those affecting businesses, should not be made in isolation.
Referring to fuel pricing, he observed that increases in global petrol rates often lead to corresponding hikes domestically. However, he questioned the rationale behind recent adjustments, arguing that stable supply conditions should have mitigated the need for higher prices.
The UBG chief also highlighted the adverse impact of misinformation on the business environment, calling for stricter action against the spread of fake news. He stated that such narratives undermine investor confidence and disrupt commercial activity.
Discussing the broader economic landscape, Tanveer pointed out that Pakistan’s gross domestic product stands at approximately $400 billion, with around 18 percent of businesses contributing the largest share of tax revenue. He stressed the importance of supporting these sectors through business-friendly policies, including the removal of early closing restrictions such as the 10pm limit imposed on commercial activities.
He further called for a clear and consistent long-term industrial policy aimed at strengthening domestic commerce. According to Tanveer, the absence of policy continuity creates uncertainty, making it difficult for businesses to plan and operate effectively.
In his remarks, he also underscored confidence in Pakistan’s security environment, asserting that the country remains safe for business and investment. He encouraged local investors to continue operating within the country, reaffirming commitment to national economic development.
Meanwhile, Zaki Aijaz echoed similar sentiments, stating that Pakistan is currently regarded as one of the safer countries globally. He attributed this perception to the efforts of both the government and security leadership.
Aijaz also urged Prime Minister Shehbaz Sharif to review the policy of weekend shutdowns, arguing that such restrictions hinder business activity and economic momentum. He called for a reassessment of these measures in consultation with relevant stakeholders to ensure balanced decision-making.
