Islamabad, Aug 16: The United Business Group’s (UBG) Patron-in-Chief and former Punjab Minister, S M Tanveer, has appealed to the government to work with the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) in order to bring billions of dollars in investment to Pakistan.
Tanveer cited Bangladesh’s ongoing political crisis as an opportunity for Pakistan to take advantage of the situation, as it has caused Western investors to pull out of Bangladesh.
He also brought attention to the cancellation of large orders of textile exports from Western clothing brands in Bangladesh, which, if action is not taken quickly, may be diverted to Bangladesh.
Tanveer stressed that the government must act quickly to take advantage of this chance, noting that there is just a two-week window of time. In order to sustain the local textile industry, he advised the government to lower energy prices to nine cents, permit domestic supply chains for exports under SRO 1125 right away, and lower borrowing rates to twelve percent.
He said that by implementing these measures, Pakistan may draw in large foreign investment and land textile export contracts worth billions of dollars, generating employment for millions and strengthening the national economy.
