Karachi:

Business leaders in Pakistan have expressed concerns over the lingering effects of the 1971 nationalization policy on the country’s economic landscape, as well as the challenges posed by current energy and trade policies. Mian Anjum Nisar, a former president of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), highlighted these issues during a recent discussion with the Council of Economic and Energy Journalists.

Mian Anjum Nisar criticized past Free Trade Agreements (FTAs), particularly with countries like China, which have more advanced industrial capacities. He argued that these agreements have weakened Pakistan’s local industries due to disparities in production costs and capabilities. He also pointed out the burden of Independent Power Producer (IPP) contracts, which have led to excess electricity production beyond the country’s infrastructure capacity.

Nisar lamented the lack of consistent economic planning and leadership, stating that short-term decisions have often hindered Pakistan’s industrial growth. He praised the Lahore Chamber of Commerce for its commitment to research and development, which he sees as essential for informed policy-making.

Engineer Khalid Usman, Senior Vice President of the Lahore Chamber of Commerce and Industry (LCCI), stressed the critical role of energy in the future of Pakistan’s industry. He noted that existing hydropower agreements may hinder the country’s ability to compete regionally in energy efficiency.

The meeting was attended by key figures in Pakistan’s business community, including the new LCCI President Faheem ur Rehman Sehgal, who is expected to continue the chamber’s focus on member welfare and economic strengthening initiatives.