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Business Recorder
28-04-2025
- Business
- Business Recorder
FPCCI pledges unwavering support to nation, armed forces
LAHORE: The Acting President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Saquib Fayyaz Magoon, along with former Federal Minister for Commerce and FPCCI group leader Dr Gohar Ejaz, FPCCI Regional Chairman and Vice President Zain Iftikhar Chaudhry, and Patron-in-Chief of the United Business Group (UBG) S M Tanveer, while addressing a press conference at the FPCCI Regional here, affirmed that the business community stands resolutely alongside the government and Armed Forces of Pakistan. They pledged their readiness to sacrifice their businesses, lives, and wealth for the nation. They declared that the entire nation and business community are united under one resounding slogan: 'Long Live Pakistan, Long Live Pakistan.' The 240 million people of Pakistan stand together under one flag, their hearts beating in unison with the spirit of the country. The FPCCI leadership reiterated their ongoing efforts across multiple fronts to bolster the national economy, setting an ambitious target of elevating Pakistan's exports to 100 billion dollars. Meanwhile, Lahore Chamber of Commerce and Industry has expressed grave concern over the ongoing road closures in Sindh, which have brought national trade, supply chains and economic activities to a standstill. 'The blockade, initiated by protestors since April 17, has caused an unprecedented crisis, leaving over 100,000 trucks, carrying essential goods, stranded for nearly two weeks, resulting in massive financial losses and crippling the logistical framework of the nation', said LCCI President Mian Abuzar Shad, Senior Vice President Engineer Khalid Usman and Vice President Shahid Nazir Chaudhry in a statement. The LCCI office-bearers said that the severe consequences of this ongoing situation should be eye opener for the decision makers. The protestors' actions have not only delayed the movement of vital trade goods but have also led to significant collateral damage. Thousands of sacrificial animals, intended for Eid ul Azha, have died due to the lack of transportation and inability to reach the markets. This, in turn, has led to immense suffering for livestock traders, farmers and the entire agricultural sector, with no immediate resolution in sight. They said that the closure has led to the destruction of perishable goods, such as fruits, vegetables, dairy products and pharmaceuticals, causing millions of rupees worth of losses for producers, exporters and consumers alike. With the halted trade routes, the critical flow of raw materials for industries, especially in Punjab, has been severely disrupted, putting the entire manufacturing sector on the verge of collapse. Textile, food processing, chemical and pharmaceutical industries are among the worst affected, with production lines at a standstill due to shortages of essential inputs. The LCCI office-bearers estimated that the ongoing disruption is causing a daily economic loss of approximately Rs. 500 billion to Pakistan's economy. The transportation sector alone is suffering losses exceeding Rs. 100 billion daily, a figure that is growing with each passing day of blockades. For industries reliant on just-in-time inventory and supply chains, the situation has become dire, threatening the stability of thousands of businesses, particularly small and medium enterprises (SMEs), which form the backbone of Pakistan's economy. Mian Abuzar Shad, Engineer Khalid Usman and Shahid Nazir Chaudhry said that the trade disruption has led to delays in the delivery of exports, which are facing cancellations and contract defaults from international buyers. This puts Pakistan's reputation as a reliable trade partner at serious risk and threatens the livelihoods of millions of workers employed in export industries. They also raised concerns about the broader social and humanitarian impact of the road closures. Local communities in Sindh, Punjab and other affected regions are facing critical shortages of essential goods, including food, medicine and daily necessities. In the absence of sufficient supplies, local markets are experiencing severe price hikes, further burdening the lower-income population, especially in rural areas. Copyright Business Recorder, 2025
Business Recorder
26-04-2025
- Business
- Business Recorder
Traders observe shutter-down strike in solidarity with Palestinians
Wholesalers and retailers observed shutter-down strike across Pakistan on Saturday in solidarity with oppressed people of Palestine, particularly in Gaza. They closed shops and malls on the strike call given by the Jamaat-e-Islami (JI) and others in protest against Israeli aggression in Gaza. Israel has martyred over 50,000 innocent people including children in Gaza since start of its latest aggression in October 2023. Factories, however, continued to remain partially functional, while public transport was thin on roads in major cities including Karachi and Lahore. Talking to Business Recorder, Federation of Pakistan Chambers of Commerce and Industry (FPCCI) acting president Saquib Fayyaz Magoon seconded that major wholesale markets in Karachi remained completely closed including Jodia Bazaar, Bolton Market, Denso Hall, and major and minor markets in old city area including Jama Cloth, Sarafa Bazazr and various markets in Saddar area. Major shopping malls and small grocery shops in residential areas including Hyderi, Tariq Road, Landhi, Korangi and Malir remained shut-downed till filing of this report. Karachi Chamber of Commerce and Industry (KCCI) president Jawed Bilwani said the entire business community participated in the shutter-down strike, including factory owners and workers. 'However, export-oriented factories continued to remain operational partially,' he added. Similar was the situation in Lahore where major wholesale markets and small grocery stores in residential areas remained completely closed in solidarity withPalestinians, it was learnt. The closed markets in the major city were including Badami Bagh Market, Akbari Mandi of grains like rice, pulses and ghee, markets in Mall Road and Bedian road, Anarkali Bazaar, Azam Cloth market, markets in Circular Road, and Shah Alam Road. Markets in Gujranwala, Gujrat and Multan also remained closed in protest against Israeli aggression. A resident of Islamabad, however, said most of shops including big and small, remained opened in the capital city and a very few markets observed shutter-down there.
Business Recorder
22-04-2025
- Business
- Business Recorder
FPCCI hosts ASEAN delegation
KARACHI: Atif Ikram Sheikh, President Federation of Pakistan Chambers of Commerce and Industry (FPCCI), President ECO-CCI and VP CACCI, has apprised that the FPCCI has hosted a high-profile trade and industry delegation of 45 members of different sectors from the Association of Southeast Asian Nations (ASEAN). Atif Ikram Sheikh explained that the ASEAN comprises an alliance of Indonesia, Malaysia, Thailand, Cambodia, Laos, Singapore, Myanmar, the Philippines, Vietnam and Brunei; and has a combined GDP of $3.6 trillion. This makes ASEAN as the 5th largest economy and export market of the world, he added. Saquib Fayyaz Magoon, SVP FPCCI, informed that the ASEAN delegation comprised prominent businessmen from various sectors; textiles, apparel, agriculture, fisheries, food, beverages, carpets, footwear, construction, insurance, information technology, oil, handicrafts, jewellery, cosmetics, perfumes, healthcare, renewable energy, pharmaceuticals, coffee beans, green coffee, electronics, fruits and spices aiming to strengthen trade relations and explore business opportunities between Pakistan and ASEAN countries. Saquib Fayyaz Magoon noted that trade relations between Pakistan and ASEAN countries are below potential. He highlighted Pakistan's Free Trade Agreement (FTA) with Malaysia and Preferential Trade Agreement (PTA) with Indonesia. SVP FPCCI also mentioned ongoing negotiations for an FTA with Thailand and PTA with Vietnam stressing the fact that Pakistan's cumulative trade deficit with ASEAN countries stands at $11 billion and needs to be addressed. It is pertinent to note that Faiz Ahmad, Chief Executive of Trade Development Authority of Pakistan (TDAP), graced the occasion and Goh Boon Kim led the ASEAN delegation which had representation from 10 countries considered important for the growth of Pakistani exports. Honourable Consul Generals of Indonesia, Malaysia and Thailand also attended the high-profile session. The meeting was followed by a special B2B session; providing a platform for Pakistani businessmen to engage with their ASEAN counterparts and explore potential business opportunities; untapped export avenues; attract investments and potential JVs. Abdul Mohamin Khan, Regional Chairman & VP FPCCI, explained that the relations between Pakistan and ASEAN are multidimensional and have grown significantly over the years due to mutual trust, cooperation and cultural linkages. He expressed his satisfaction that major stakeholders and business leaders joined the B2B session with the ASEAN delegation. Asif Inam, VP FPCCI & former Chairman APTMA, emphasized upon incentives to invest in Pakistan; country's abundant workforce and strategic location – making it an ideal hub for ASEAN investors to establish manufacturing units for marketing products in the Middle -east; Central Asia and Western China. Copyright Business Recorder, 2025
