Islamabad Chamber of Commerce and Industry (ICCI) President Sardar Tahir Mehmood has urged Prime Minister Shehbaz Sharif to address the concerns of overseas Pakistanis and to move towards immediate economic reforms.
According to details released on Sunday, the ICCI president wrote a letter to the prime minister highlighting the difficulties faced by businesses and investors. In the letter, Sardar Tahir Mehmood said excessive taxation and high interest rates have paralysed business activity. He warned that costly energy has become a serious threat to all sectors of the economy.
He called for the removal of reservations held by overseas Pakistanis, stressing their role in investment and national development. He said a National Export Emergency is necessary to increase exports and stabilise the economy.
The ICCI president also sought the grant of industrial status to the real estate sector, saying it is vital to restore investor confidence. He said that policy uncertainty is driving capital out of the country.
Sardar Tahir Mehmood said timely intervention by the prime minister could change the direction of the economy and help place it on a stable path.
