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UBG President Highlights Industrial Concerns and Anticipates $100 Billion Investments in Pakistan

Karachi, Zubair Tufail, President of United Business Group (UBG) and former president of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), has expressed concern over the challenges faced by Sindh's industrial sector, including gas supply cutoffs and increased tariffs. He emphasized the need for immediate government action to ensure continuous industrial operations and safeguard exports.

According to UBG's central spokesperson Gulzar Feroze, Tufail noted the distressing closure of many industries in Karachi due to rising production costs. However, he acknowledged the efforts of Pakistan's caretaker Prime Minister, Finance Minister, Commerce Minister, and other cabinet members in facilitating the private sector. These efforts have not only maintained but also increased exports. Tufail also highlighted the optimistic outlook for Pakistan's economy with the anticipated investment agreements totaling $100 billion from China, Saudi Arabia, Qatar, Kuwait, and significant investments from the UAE. In addition, he mentioned the World Bank's commitment to providing $2 billion to Pakistan to curb electricity theft and avoid price hikes.

Regarding the upcoming FPCCI election, Tufail criticized the current ruling group, accusing them of unethical practices, including vote-buying through expensive gifts. He contrasted this with his tenure as FPCCI president, during which he claimed to have secured refunds of 105 billion rupees for exporters, ensuring direct online transfers to their accounts.

Tufail further criticized the leadership of the businessman panel in FPCCI, alleging that they have become more politically oriented rather than focusing on the business community's needs. He expressed confidence in the UBG candidates for the upcoming federation election, praising their competence and understanding of business affairs. The UBG presidential candidate is Atif Ikram Sheikh, with Saqib Fayaz Magu as the senior vice president candidate from the BMP Progressive Alliance.

The post UBG President Highlights Industrial Concerns and Anticipates $100 Billion Investments in Pakistan appeared first on Pakistan Business News.

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