RAWALPINDI: Islamabad Chamber of Small Traders (ICST) has asked the government to restructure Federation of Pakistan Chambers of Commerce & Industry (FPCCI) and introduce meaningful reforms in the organization so that it could play an effective role in a policy making.
“FPCCI should be modernized through its regulator which is vital for the country at this time,” it said.
“FPCCI being an apex trade body of the country should be forwarding recommendations to the government on every sector of the economy, but it has been acting like a district chamber of commerce since long which is unfortunate,” said Dr. Shahid Rasheed Butt, ICST.
Shahid Rasheed Butt said that the FPCCI had regrettably distanced itself from the national duty of projecting Pakistan’s potential at international trade, investment, and economic events. “All over the world the responsibility of economic diplomacy and development has largely been shifted from governments to private sector institutions,” he added.
Shahid Rasheed Butt said that the apex trade bodies were used to promote economic diplomacy and it had become a global trend to utilize the strength and capacity of such private sector representative bodies, “but FPCCI has failed to raise its voice and advocate its economic policies at the international platforms”.
He believed that FPCCI can learn a lot from Federation of Indian Chambers of Commerce and Industry (FICCI), which had played a significant role in the success of the Indian economy. FICCI participates in Indian foreign policy through its significant intellectual contribution and its international relations department, which has published more than 100 reports and surveys during 2015 and 2016.
“Every year FPCCI forms around 150 standing committee’s and a number of business councils, but we don’t see any input from these bodies,” Butt added.
During the last four year the private sector hasn’t found an effective role of FPCCI committees and at the year end, they stand dissolved without any outcome. Similarly, the R&D section of the FPCCI is practically dysfunctional, regardless of the fact that appointments have been made in it but productivity remains zero.
Pakistan is facing economic isolation, and at this time FPCCI needs to play a bigger role as an apex trade body of the country so that economic diplomacy may start from the private sector.