At a recent press conference in Lahore, Pakistan, prominent business leaders SM Tanveer, Patron-in-Chief, United Business Group (UBG) and ZakiAijaz, Regional Chairman, Federation of Pakistan Chambers of Commerce and Industry (FPCCI), urged the government to take immediate action to secure $5 billion worth of textile orders from Bangladesh.
The demands made by Tanveer and Aijaz included a reduction in electricity tariffs, restoration of SRO 1125 for exports, and a decrease in interest rates.
They warned, Pakistan might lose these lucrative orders to India, Cambodia or Vietnam, if the government fails to act swiftly. The leaders also expressed concern over the closure of textile industries in Faisalabad and announced that the UBG will present a plan of action to the Faisalabad Chamber of Commerce and Industry on August 23.
Further the leaders cautioned, a delay in resolving the Investment Policy (IP) issues by the government may result in Pakistan losing orders worth $5 billion. Prompt action is needed to protect the country’s industrial assets, they added.
