Mian Zahid Hussain, President of the Pakistan Businessmen and Intellectuals Forum (PBIF), President of the All Karachi Industrial Alliance (AKIA), Chairman of the National Business Group Pakistan (NBG), Chairman of the FPCCI Policy Advisory Board, and Former Provincial Minister of Information Technology, has termed the recent meeting between the Prime Minister of Pakistan, FPCCI President Atif Ikram Sheikh, United Business Group Patron-in-Chief S. M. Tanveer, and presidents of various chambers of commerce as a highly encouraging development towards economic stability and industrial growth.
Mian Zahid Hussain stated that during this crucial meeting, the FPCCI leadership and business representatives candidly discussed the severe macroeconomic challenges facing the country and presented concrete proposals to the Prime Minister for the promotion of trade and industry. He noted that the trade deficit has reached a staggering $32 billion during the first ten months of the current fiscal year, while the ratio of exports to imports has witnessed an alarming decline. Furthermore, Pakistan’s economy is currently facing immense pressure due to the ongoing US-Iran war. The business leader emphasized that there is no alternative for economic revival other than reducing reliance on imports and providing incentives to the export sector on an emergency basis. He pointed out that the tax burden on industries has surged to an unbearable level of over 60 percent, demanding that this burden be reduced to a maximum of 40 percent in the upcoming budget to enable local industries to compete effectively in the global market.
The veteran business leader observed that industrialists made it clear to the Prime Minister that in the current economic scenario, additional burdens such as the Super Tax constitute a major hurdle to industrial growth. He underscored the urgent need to simplify the tax regime in the federal budget to make it business-friendly, thereby restoring investor confidence. He added that rationalizing energy tariffs and reviewing contracts with Independent Power Producers (IPPs) are inevitable measures required to bring down the soaring cost of production.
Mian Zahid Hussain further stated that the business community attaches high expectations to the Federal Budget 2026-27, hoping the government will take practical steps to protect local industries while simultaneously honoring its agreements with the IMF. He expressed confidence that if the government incorporates the demands for the restoration of the Final Tax Regime (FTR) for exporters and a rational reduction in taxes into the budget document, the business community believes these measures could support export-led recovery and sustainable growth. He noted that this consultation comes at a critical juncture when Pakistan urgently requires a coordinated strategy to boost exports and stabilize foreign exchange reserves.
Mian Zahid Hussain concluded by saying that the business community warmly welcomes the Prime Minister’s initiative to engage in a direct consultative process. He expressed hope that the economic team, under the Prime Minister’s leadership, will integrate these proposals into the budget document to accelerate industrialization, generate employment opportunities, and anchor the economy on sustainable foundations. He reiterated that the implementation of business-friendly tax laws and encouraging government policies is the only viable solution to steer the country out of its current economic vortex.