LAHORE: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) demanded of the government to formulate a National Economic Agenda (NEA) in consultation with the Federation, Chambers of Commerce and other trade bodies before the federal budget for fiscal year 2015-16.
This consensus was developed in a special meeting on “Federal Budget 2015-16” organized by the FPCCI and chaired by its President Mian Muhammad Idrees at the Federation’s Regional Office. The participants of the meeting were agreed that NEA’s recommendations should be incorporated in the federal budget.
The FPCCI president also stressed upon the government to immediately and in a transparent manner privatize the loss-making public sector entities including PIA, Pakistan Railways and Pakistan Steel Mills. Due to incidence of terrorism, he said, the foreign investment in Pakistan had now reduced to $ 1.6 billion during the current financial year, adding that earlier, the increased imports had been the major reason for trade deficit but today; this deficit was due to decline in exports.
He said the world countries were now softening their monetary policy. Mian Idrees said that unlike their traditional practice, all the chambers of commerce and industry and traders association were preparing sectorial proposals six months ahead of the next federal budget, to be forwarded to the government.
He said that state-of-the-art infrastructure and facilities were being provided at the FPCCI Head and Regional offices that would help strengthen the intra business community relations. FPPCI Regional Chairman Khawaja Zarrar Kaleem viewed that budget was backbone of any country’s economy; therefore, it was mandary to prepare the budget document after taking well on board the business community. He said that 90 percent of the current fiscal year’s budget was based on the FPCCI proposals, asserting that Federation was striving to cement relations between the business community and relevant departments; promotion of trade; increasing the export volume as well as transforming the FPCCI as a stronger institution of private sector.
He also highlighted the importace of research and development in the present era. The eminent traders, who gave their insertions during the meeting, were Lahore Chamber of Commerce and Industry (LCCI) Former President Shahid Sheikh, FPCCI vice president Fehmida Jamali, Chaudhry Aamir Atta Bajwa, former VP S.M. Naseer and representative of other chambers of commerce and traders associations.
