President FPCCI Meets Field Marshal Syed Asim Munir NI (M) Along With Trade & Industry’s Delegation

Karachi: Mr. Atif Ikram Sheikh, President FPCCI; President ECO-CCI and VP CACCI, has said that
FPCCI extends its deepest and most heartfelt gratitude to Field Marshal Syed Asim Munir, NI (M), for
graciously meeting with the trade and industry delegation led by Dr. Gohar Ejaz, HI, SI (Civ).

We salute the Field Marshal’s exemplary commitment to engagement with the business community –
demonstrating both patience and concern for economic issues faced by the businesses and the people of
Pakistan, he added.

During the highly-productive meeting, the delegation commended the government and SIFC’s
monumental efforts that have brought much-needed economic stability to the country and thanked the
Field Marshal for his unwavering support and resolve. The delegation presented a comprehensive
overview of the challenges faced by the industrial sector – with particular emphasis on the recently
enacted expansions of the Federal Board of Revenue’s (FBR) powers.

Mr. Atif Ikram Sheikh maintained that the business community is immensely thankful to Field Marshal
Asim Munir for immediately directing that the new provisions; particularly those added under Sections
37A and 37B of the Sales Tax Act 1990, pertaining to arrest and detention; be held in abeyance; and, for
instructing the FBR to enter meaningful and solution-oriented dialogue with stakeholders and address
their concerns.

Additionally, the GHQ will support economic activities in the country through the platform of Special
Investment Facilitation Council (SIFC); fostering an environment of collaboration and trust.

Mr. Atif Ikram Sheikh informed that the business community’s delegation called for interest rates to be
brought down in line with inflation to stimulate businesses and economic activities. It also highlighted the
significant delay in notification of the Export Facilitation Scheme (EFS) amendments relating to
exclusion of cotton, cotton yarn and greige fabric from the scheme; and, imposition of an 18% sales tax
on their imports. During the meeting, Field Marshal Asim Munir assured the delegation of his full support
for the economic growth of the motherland.

FPCCI is grateful for the Field Marshal’s attention to high electricity prices that are burdening
manufacturers and businesses across the country. FPCCI appreciates his ongoing commitment to securing
more competitive electricity rates for consumers nationwide – with special emphasis on revitalizing the
industrial and export sectors. His unwavering support is a testament to his overarching vision to propel
Pakistan’s economic landscape to new heights.

Mr. Atif Ikram Sheikh assured that the business community’s leadership remains united, committed and
unwavering in its efforts to steer the economy towards a brighter, more secure and globally competitive
future. Together, under the Field Marshal’s guidance, we believe Pakistan can unlock its full potential,
restore investor’s confidence, drive inclusive growth and ensure prosperity for the generations to come, he
added.