ISLAMABAD: In a crucial meeting today, a delegation from the Federation of Pakistan Chambers of Commerce & Industry (FPCCI), led by President Atif Ikram, Patron-in-Chief S. M. Tanveer, and Senator Noman Wazir, presented a detailed Charter of Economy to Federal Minister for Finance Senator Muhammad Aurangzeb. The meeting aimed to share a comprehensive economic roadmap designed to unite political stakeholders and address the country’s pressing economic challenges.
The FPCCI delegation emphasized that the Charter of Economy is a collaborative initiative to establish a long-term, inclusive economic strategy that transcends political divisions. It focuses on the nation’s development, ensuring the needs of the growing population, particularly the youth, are met. The charter’s ultimate goal is to alleviate Pakistan’s economic crises and pave the way for sustainable growth.
Senator Noman Wazir Khattak led the presentation, outlining several key proposals and recommendations. One of the main suggestions was the reorganization of specialized civil services to create dedicated sectors in critical areas like Energy, Finance, Industry, and Health, aimed at enhancing decision-making and policy formulation.
The Charter also proposed embracing solar and wind energy as cost-effective power sources, recommending a cap of Rs 4 per KWh for wheeling charges under the Competitive Trading Bilateral Contract Market (CTBCM). Additionally, the proposal emphasized the importance of regional trade and the development of financial institutions that focus on long-term investments, directing at least 20% of lending to long-term capital expenditure (CAPEX) and 10% to startup CAPEX.
Another key recommendation was the stabilization of the exchange rate to boost exports while discouraging non-compliant imports. The Charter also called for uniform gas pricing for industries nationwide to promote industrial growth and competitiveness.
Other critical recommendations included transferring ownership of State-Owned Enterprises (SOEs) to their employees, allowing them to either manage the enterprises or privatize them, and converting pension funds into equity. Furthermore, the Charter outlined a variety of strategic reforms on debt management, trade partnerships, tax compliance, energy efficiency, mineral resource exploitation, and the need for improved governance structures.
A progressive taxation model for agriculture, pension and welfare reforms, and improvements to bankruptcy laws were also highlighted as vital steps for reform.
Finance Minister Senator Muhammad Aurangzeb welcomed the FPCCI delegation and praised the effort behind the Charter, describing it as a timely and essential initiative. He noted that a united, long-term approach is necessary to address the nation’s economic challenges and emphasized that quick fixes would not suffice for Pakistan’s economic recovery.
Reflecting on his past involvement in the Pakistan Business Council’s 2020 Charter of Economy, the minister emphasized the need for broad political consensus on economic reforms. He also assured the delegation that the government is committed to resolving key issues such as energy costs for industries, with a focus on supporting industrialization and export-led growth.
In his response, the minister updated the delegation on ongoing reforms in key sectors, including macroeconomic stability, taxation, energy, and the rightsizing of the federal government. He reiterated the government’s commitment to improving Pakistan’s economic indicators and addressing critical issues to foster industrial growth and economic development.
The FPCCI delegation expressed gratitude for the finance minister’s efforts and expressed hope that the government will continue to take decisive steps to support industrialization, economic growth, and the overall well-being of the country’s economy.
