Karachi: Former President of the Federation of Pakistan Chambers of Commerce and Industry, Mian Anjum Nisar, highlighted the lingering effects of the 1971 nationalization policy on Pakistan’s economy. Speaking to journalists, he criticized successive governments for exacerbating economic challenges through poorly conceived trade agreements and energy policies.

Mian Anjum Nisar pointed to Free Trade Agreements (FTAs) as a significant issue, arguing that these agreements put Pakistan at a disadvantage against countries like China with more competitive industrial sectors. He contended that FTAs, particularly with China, have undermined Pakistan’s industrial sustainability.

He also criticized contracts with Independent Power Producers (IPPs), noting that Pakistan has commitments for more electricity than its infrastructure can support. He questioned the government’s silence on contracts that benefit investors who have already recouped their investments.

Nisar compared Pakistan’s trade policies unfavorably with those of the United States, which uses tariffs to protect local industries. He blamed inconsistent political leadership and a lack of long-term planning for economic instability, suggesting that only the Ayub Khan era offered any progress.

The Lahore Chamber of Commerce was commended by Nisar for its emphasis on Research and Development, ensuring decisions are made through group consultation. He announced that following the resignation of LCCI President Abuzar Shad, Faheem ur Rehman Sehgal would take over the position.

Engineer Khalid Usman, Senior Vice President of LCCI, emphasized energy’s critical role in the survival of Pakistan’s industry. He expressed concerns over Pakistan’s energy efficiency compared to regional competitors and assured that the Lahore Chamber remains dedicated to member welfare and economic strengthening.

The meeting also included remarks from former LCCI President Muhammad Ali Mian, KPT Trustee, and Executive Member Malik Ahad Ameen.