Credit for institutional economic reforms and the end of economic uncertainty is attributed to the Army Chief, according to Saqib Rafiq, the President of the Rawalpindi Chamber of Commerce and Industry (RCCI). The establishment of the Special Investment Facilitation Council (SIFC) is also attributed to the Army Chief.
RCCI President, in a statement, emphasized that meetings and consultations with the industrial community, along with efforts to eliminate gray areas, especially illegal trade and dollar smuggling, are crucial steps in ending economic uncertainty.
Furthermore, the mobilization of resources through the Special Investment Facilitation Council (SIFC), ensuring transparency in dollar rates in open and interbank markets, bringing money exchanges under taxation oversight, eradicating smuggling along borders with Iran and Afghanistan, and improving tax collection are visible results of the guidance provided by the Chief of Army Staff (COAS).
Saqib Rafiq highlighted that within one month, there have been noticeable improvements in economic indicators. The Pakistani Rupee has appreciated significantly against the US dollar, while there has been a notable drop in petroleum prices, and the stock market has surged beyond 50,000 points.
He stressed that by prioritizing geo-economics over geo-politics, Pakistan can emerge as an economic force. Rafiq also emphasized the business community’s continuous demand for stakeholder consultations, reforms in the Federal Board of Revenue (FBR) to document the economy, transparent privatization processes, and reduced government spending.
Chamber President Saqib Rafiq concluded that promoting the local industry is essential to attract foreign investment.