ISLAMABAD: FPCCI President Daroo Khan urged the business community to show a ‘nationalist approach’ bearing in mind economic instability prevalent in the country and proposed trade transactions in local rupees to strengthen and stabilize local currency.
Federation of Pakistan Chambers of Commerce & Industry President (FPCCI) opined that the government must consult the business community and bring them on board to devise a strategy in dealing with the current economic turmoil.
Expanding on what he means by nationalist approach Khan said: “business in local currency and transaction through local banks to stabilize the local currency for economic stability in the country is needed to strengthen the weakening rupee.”
“Electronic and print media should start awareness campaigns in this regard to guide the public,” he added.
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Replying to a question, Daroo Khan gave the example of Turkey’s ‘Lira crisis’ where the nation stood to support it’s local currency against the dollar and euro.
He revealed that people have been falling victim to hearsay, propaganda and speculation which has brought further damage to the strength of rupee.
Discussing solutions to reduce the trade deficit and to resolve the long standing issue of balance of payment, “We need to avoid unnecessary import in the country,” said Khan.
“Avoiding imported products and asking for lesser foreign brands will put a positive impact on the market and also help flourish local business hence creating more job opportunities.”
Daroo Khan said the FPCCI had given budget proposals to the government, where “We are more concerned about the low cost of doing business,” adding, “The government ensured to resolve the local industry’s issue.”
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