Karachi: Mr. Atif Ikram Sheikh, President FPCCI, has apprised that Governor and Chief Minister of Balochistan have backed FPCCI’s landmark Balochistan Strategy Summit – aimed at identifying the root causes of the province’s economic, trade, investment, industry, business growth and law & order issues.
It is pertinent to note that Dr. Gohar Ejaz, former Federal Minster for Commerce, Industry & Interior; Mr. S. M. Tanveer, Patron-in-Chief, UBG and Mr. Allauddin Marri, former CM Balochitan, also attended the successful event that lasted for 2 days and saw the participation of prominent business leaders of Balochistan in large numbers.
Mr. Atif Ikram Sheikh explained apex body’s stance that Balochistan needs special attention of the government vis-à-vis industrialization; waivers in taxes & duties; setting up, incentivization & operationalization of special economic zones (SEZs); establishing Bank of Balochistan on the lines of other provinces and maintenance of law & order – which is an absolute necessity for economic activities to flourish and attract investors.
Mr. S. M. Tanveer maintained that, for the first time, business community is getting such a positive and tangible response from the political leadership of Balochistan on the demands of the business, industry and trade community of Pakistan. He called upon the provincial government to allocate substantive funds for the promotion of the district economy.
Mr. Saquib Fayyaz Magoon, SVP FPCCI, maintained that like Bank of Punjab (BoP); Bank of Khyber (BoK) and Sindh Bank, the federal and provincial governments should facilitate the establishment of the Bank of Balochistan (BoB) to make access to finance for setting up industries in Balochistan possible and viable. Only a full-fledged and dedicated bank can fill the yawning vacuum in business and industrial financing in the province, he added.
Mr. Nasir Khan, VP FPCCI from Balochistan, stressed that, other than a bank of its own, the second most critically missing institution of economic significance in Balochistan is an insurance company. Without an insurance company, traders, industrialists, service providers, transporters and investors, all feel insecure to do business in Balochistan.
Mr. Nasir Khan proposed a public-private partnership (3P) model for setting up institutions or organizations that create and support an ecosystem for a thriving business environment. Additionally, the condition of i-form to import in Balochistan should be withdrawn as it is not possible for the people of Balochistan to meet due to lack of banking channels – and, as a result, it gives boosts to smuggling.
Mian Zahid Hussain, Chairman PAB-FPCCI, highlighted the fact that the people of Baloshistan are resilient; and, business activities in the province are going on due to their dynamism. However, cottage industries and micro, small & medium (MSMEs) should be protected to keep the provincial economy afloat. We, at FPCCI, have made the study of district economies as the priority subject of R&D activities to enable each district of Pakistan to explore their true potential and exportable commodities, products & services.
Sheikh Jaffar Khan Mandokhail, Governor Balochistan, highlighted the need for a major marketing and PR campaign for Balochistan to attract domestic and foreign direct investment (FDI) into Balochistan through assuring the investors and entrepreneurs full safety and security. People of Balochistan will be fully supporting the government in all such endeavors, he added.
Mr. Sarfraz Bugti, CM Balochistan, announced major steps to improve investor sentiment; infrastructure development and provision of industrial plots. He informed that his government is progressing with the establishment of the Bank of Balochistan and feasibility studies are underway.
CM Balochistan stated that major infrastructure projects; specifically, roads, trains and other communication network projects are in progress. He also informed that, for the first time in the history of the province, 90 percent of the PSDP funds will be utilized this fiscal year; i.e. FY25, by the end of June 2025. We have been tirelessly working on capacity enhancement to achieve these milestones, he added.
