ISLAMABAD: President of the Islamabad Chamber of Commerce and Industry (ICCI), Sardar Tahir Mehmood, has urged the government to take timely and proactive measures to safeguard Pakistan’s economy amid the evolving situation in the Middle East, which may have far-reaching implications for trade, remittances, and overall economic stability.
In a statement, he said that the Middle East is a vital economic partner for Pakistan, particularly in energy supplies, employment opportunities for Pakistani workers, and the inflow of foreign remittances. Any prolonged instability in the region could disrupt economic activity and disrupt the steady flow of remittances from millions of overseas Pakistanis working in Middle Eastern countries.
Sardar Tahir Mehmood noted that remittances play a critical role in strengthening Pakistan’s foreign exchange reserves and supporting the national economy. Therefore, the government should remain vigilant and adopt contingency plans to minimize potential economic repercussions from the situation.
The ICCI President emphasized that the government should consider using the Export Development Fund (EDF) to support exporters, enhance trade promotion activities, and strengthen Pakistan’s export sector amid uncertain global economic conditions. He said that strategic use of the fund could help exporters explore new markets, improve competitiveness and sustain export growth.
He further stressed the need to ensure uninterrupted energy supplies, maintain strategic petroleum product reserves, and facilitate industries so that economic activities continue without disruption.
Sardar Tahir Mehmood also highlighted that strengthening the export sector and supporting local industries would help offset any potential decline in remittances and external economic pressures. He called for close coordination between the government and the business community to develop policies that protect economic stability and promote sustainable growth.
He reaffirmed that the Islamabad Chamber of Commerce and Industry would continue to work closely with the government and relevant stakeholders to address economic challenges and safeguard the interests of the business community and the national economy.
