KARACHI: Field Marshal Asim Munir has assured the business community of his full support in efforts to revive and strengthen Pakistan’s economy.

A delegation of top businessmen, led by Gohar Ijaz and including Atif Ikram Sheikh, President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), met with the army chief at the General Headquarters (GHQ) on Monday.

According to a statement issued by the FPCCI, the delegation presented a detailed overview of the challenges facing the industrial sector, particularly concerns over the recently expanded powers of the Federal Board of Revenue (FBR). Special emphasis was placed on the controversial provisions under Sections 37A and 37B of the Sales Tax Act 1990, which allow for arrest and detention.

The FPCCI president said the business community was grateful to the army chief for directing that the enforcement of these provisions be held in abeyance. He also underscored the need for a meaningful dialogue between the FBR and business stakeholders to resolve ongoing disputes and rebuild trust.

The statement noted that GHQ, through the Special Investment Facilitation Council (SIFC), would continue to support economic activities and foster an environment of collaboration. The delegation praised the government and SIFC for their efforts, which have brought a measure of stability to the economy.

Business leaders meet army chief, seek relief on taxes, energy, interest rates

The FPCCI chief also urged for a reduction in interest rates in line with inflation to support business growth. He highlighted delays in notifying amendments to the Export Facilitation Scheme (EFS), particularly the exclusion of cotton, yarn, and greige fabric from the scheme, and the imposition of an 18pc sales tax on their imports.

He further drew attention to high electricity prices, which continue to weigh heavily on manufacturers and exporters. The FPCCI acknowledged the field marshal’s ongoing efforts to secure more competitive power tariffs, especially for industrial and export sectors.

The delegation assured the army chief of the business community’s unified commitment to reviving the economy. “Under Field Marshal Asim Munir’s guidance, we are confident Pakistan can unlock its full potential, restore investor confidence, and achieve inclusive economic growth,” the statement said.

Khalid Hasnain adds from Lahore: Lahore Chamber of Commerce and Industry (LCCI) President termed the meeting impressive, as the army chief assured the delegation that there would be no issues for the business community.

Interior Minister Mohsin Naqvi managed the meeting, which lasted for almost four hours after starting around 8pm on Monday night, the LCCI president maintained.

Published in Dawn, July 23rd, 2025