ICCI President Urges Government to Tackle Pakistan's Economic Challenges

Pakistan is currently facing a multitude of economic challenges that require immediate and effective solutions. The country’s economy has been under pressure due to various factors, including political instability, security concerns, and bureaucratic hurdles. In light of these pressing issues, Nasir Mansoor Qureshi, the president of the Islamabad Chamber of Commerce and Industry (ICCI), has made a strong call for the government to implement a comprehensive and long-term economic strategy. This strategy is essential not only for addressing current challenges but also for paving the way for sustainable growth and prosperity in the future.

In a recent statement, Qureshi emphasized the critical need for political stability in Pakistan. He urged political leaders to put aside their differences and work together on a unified national strategy. This collaboration is vital for creating a stable environment that can foster economic growth. The impact of terrorism on the nation’s progress cannot be overlooked, and Qureshi highlighted the importance of reassessing foreign relations to prioritize trade expansion, especially with neighboring countries.

Moreover, Qureshi pointed out several bureaucratic challenges that are hindering business growth in Pakistan. One significant issue is the Federal Board of Revenue’s (FBR) reintroduction of the affidavit requirement with Sales Tax Returns. This requirement adds an extra layer of complexity for businesses trying to comply with tax regulations. Additionally, the Capital Development Authority’s (CDA) unprecedented taxes have placed a heavy burden on the business community, making it difficult for them to thrive.

Security issues also remain a significant concern, creating a challenging environment for businesses to operate. Qureshi stressed the need for the government to support small and medium enterprises (SMEs), which play a crucial role in generating employment, driving economic growth, and reducing poverty. Despite their importance, SMEs often face significant inefficiencies that prevent them from reaching their full potential. By creating a supportive environment for these enterprises, the government could unlock substantial economic opportunities that would benefit the entire nation.

The ICCI is committed to collaborating with all stakeholders to create a conducive business environment that addresses the prevailing challenges. By focusing on political stability, reassessing foreign relations, and supporting SMEs, Pakistan can work towards a brighter economic future. It is essential for the government to take these steps seriously, as they hold the key to unlocking the country’s potential for growth and prosperity. The time for action is now, and with a united effort, Pakistan can overcome its economic hurdles and pave the way for a more prosperous tomorrow.