FPCCI, Chambers entirely endorse government five-years, ‘Uraan Pakistan’ Initiative
ISLAMABAD: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI), a leading business organization, on Monday endorsed the government’s five-year economic development program, the “Uraan Pakistan” initiative, aimed at ensuring sustainable growth in the country.
During a discussion, FPCCI President Atif Ikram Sheikh expressed the business community’s full support for the government’s plan, highlighting its significance in establishing a robust economic foundation for an inclusive and prosperous future.$5 Billion Target Set for IT Exports in FY25.Chairman P@SHA
Sheikh emphasized that Pakistan’s economic challenges can be addressed through export-led growth, a key focus of the program. While acknowledging the dominance of textile products in the country’s exports, he stressed the need for increased attention to the Information Technology (IT) sector. He also underlined the importance of diversifying trade by promoting both traditional and non-traditional products to expand exports.
He pointed out the program’s targets, which include an 11% increase in overall exports, a 34% rise in remittances, and a 34% growth in IT exports, as key indicators of the nation’s economic progress. Sheikh praised the recent economic recovery but emphasized the need for a comprehensive long-term reform agenda to ensure the success of the “Uraan Pakistan” initiative. He noted that sustainable development requires the efficient functioning of small, medium, and large-scale industries at their full potential.
Additionally, he called for competitive electricity and gas prices in the region to drive sustained economic growth.
Meanwhile, Abdul Rehman Siddiqui, the acting President of the Islamabad Chamber of Commerce and Industry (ICCI), welcomed the initiative, praising Prime Minister Shehbaz Sharif’s ambitious plan focusing on the 5Es: exports, e-Pakistan, environment, energy, equity, and empowerment.
Siddiqui supported the Prime Minister’s strategy of privatizing and outsourcing loss-making State-Owned Enterprises (SOEs) as crucial steps to reduce financial losses and enhance public sector efficiency. He stressed the importance of involving business leaders, particularly Chambers of Commerce, in shaping practical and effective economic policies. Furthermore, he recommended assigning export promotion tasks to foreign missions, especially trade counselors, to help achieve Pakistan’s export objectives.
Talking to APP,President of the Gujranwala Chamber of Commerce and Industry (GCCI), Rana Muhammad Siddique Khan hailed the five-year homegrown national economic Plan, “Uraan Pakistan” (2024-29) and said that this comprehensive plan will play significant role for sustainable economic development in the country.
The five-year homegrown national economic Plan, “Uraan Pakistan” (2024-29) was announced by the government to be a milestone in sustainable economic growth and termed it as a significant step for the restoration of the country’s economy, President GCCI said.
The President GCCI said that currently the country’s economy is facing major challenges and the business community of Gujranwala welcomes “Uraan Pakistan” and considers it pivotal for the country’s economic development.
He said that this comprehensive five-year economic plan (2024-29) has three main pillars including the leading role of the Private sector, exports-led growth and managing the public debt, which was quite relevant for the restoration of the national economy.
Meanwhile, praising the economic strategy evolved by the current economic team of the government, he said that now “We achieved economic stability and through the comprehensive economic road of” Uraan Pakistan” country’s economy to achieve sustainable economic growth also.”
