By Our Correspondent
LAHORE, January 17— Former Vice President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Zahid Iqbal Chaudhry, has said that the views expressed by Patron-in-Chief of the United Business Group (UBG), SM Tanvir, on the deteriorating national economy truly reflect the facts on the ground.
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In a statement issued to the media, Zahid Chaudhry said that SM Tanvir’s recent press conference presented an accurate and realistic picture of Pakistan’s economic situation. He added that the press conference exposed the hollow claims of economic growth made by what he termed the “Form-47-installed government.” He stated that the entire business community across the country fully supports SM Tanvir’s courageous and fact-based stance and stands shoulder to shoulder with him.
Zahid Chaudhry said that decorating streets and intersections with colorful lights does not amount to development. He stressed that real development can only be achieved through the survival of industries, growth in exports, creation of employment opportunities, and the provision of affordable electricity and other facilities to industrialists. He noted that SM Tanvir had highlighted these realities with clarity and responsibility.
He further said that the issues raised by SM Tanvir regarding the closure of more than 145 textile units, expensive energy, high interest rates, and a non-competitive tax system are, in fact, the collective voice of industrialists across the country. If these conditions persist, he warned, the economy will weaken further and Pakistan may once again be forced to approach the International Monetary Fund (IMF).
Zahid Iqbal Chaudhry emphasized that contrary to the government’s economic claims, industrialists are facing a severe crisis. He added that the slowdown in real estate and other sectors is adversely affecting more than 40 allied industries. He said SM Tanvir’s press conference made it clear that without immediate reduction in electricity prices, bringing the interest rate down to single digits, tax relief, and a genuine export-oriented relief package, the dream of economic stability will remain unfulfilled.
He demanded that the government take concrete steps to pull the industry off the ventilator and put it on a path of real growth. Zahid Chaudhry called for the immediate implementation of SM Tanvir’s proposals to restore the confidence of industrialists and revive the national economy.
