ISLAMABAD: The Federation of Pakistan Chambers of Commerce & Industry (FPCCI), one of Pakistan's largest industrial bodies, presented a Charter of Economy to Finance Minister Muhammad Aurangzeb on Tuesday.

This initiative marks a significant step toward fostering political consensus on addressing the nation's economic challenges. A delegation from the FPCCI, led by Atif Ikram, President of FPCCI, S. M. Tanveer, Patron-in-Chief, and Senator Noman Wazir, Chief Executive of FF Steel in Khyber Pakhtunkhwa, met with Finance Minister Aurangzeb. The meeting, held at the Finance Division, focused on the importance of formulating a unified and effective economic strategy for Pakistan. The FPCCI emphasized that the Charter of Economy is designed to facilitate dialogue across political divides, involving all stakeholders, to address the country's economic issues and work towards national development.

The Charter is geared towards liberating Pakistan from its economic challenges by prioritizing development, particularly for the youth, who form the core demographic of the nation. According to the statement, the FPCCI's goal is to ensure a sustainable economic recovery by implementing policies that encourage growth, stability, and equitable distribution of resources.

Senator Noman Wazir Khattak presented a detailed breakdown of the Charter's proposals, which include several transformative measures aimed at enhancing policy efficiency and long-term economic growth. One of the central proposals was the reorganization of specialized civil services. The Charter suggests establishing dedicated groups within key sectors such as energy, finance, industry, and health to lead policy formulation and decision-making processes. This is seen as a necessary step to ensure that policies are based on expertise and can effectively address the challenges in each sector. In addition to this, the Charter emphasizes the importance of renewable energy sources, particularly solar and wind energy. These are regarded as the most affordable sources of power, and the proposal calls for their widespread adoption to reduce dependency on imported energy. The Charter also recommended capping the wheeling charges for the Competitive Trading Bilateral Contract Market (CTBCM) at a maximum of Rs4 per kilowatt-hour (KWh), making energy more affordable for businesses.

The FPCCI delegation also highlighted the need to refocus Pakistan's trade strategies by promoting regional trade and enhancing partnerships with development financial institutions. A key suggestion is for at least 20% of lending to be directed towards long-term capital expenditure (CAPEX) for industries, with an additional 10% earmarked for startup CAPEX. This initiative is aimed at stimulating industrial growth and innovation, which could, in turn, provide employment and boost the national economy. Moreover, the Charter advocates for a stable exchange rate to facilitate exports and discourage imports that fail to meet the standards set by the Pakistan Standards and Quality Control Authority (PSQCA).

This would enhance the competitiveness of local industries and protect domestic markets from the influx of substandard goods. One of the most notable recommendations from the FPCCI is the proposal for a uniform gas pricing structure for industries across the country. This measure aims to foster industrial growth by ensuring fair and equal access to energy resources, regardless of location. Additionally, the Charter suggests transferring ownership of State-Owned Enterprises (SOEs) to their employees, giving them the option to either manage these enterprises effectively or privatize them. The transfer of pension funds into equity is also proposed as a way to improve the financial health of SOEs.

The Charter also includes a range of other proposals covering diverse areas of governance and economic reform. These include strategic reforms in debt management, trade partnerships, tax compliance, energy efficiency, and the utilization of mineral resources. It also calls for a progressive taxation model for agriculture, along with improvements in governance structures, pension reforms, and the digitalization of public services. In his response, Finance Minister Muhammad Aurangzeb expressed his appreciation for the FPCCI's efforts in developing a comprehensive and timely Charter of Econo