BCI Calls for Improved Law and Order to Attract Investment

In a press conference held on Saturday, BCI President Anwar-ul-Alam Chowdhury (Pervez) urged the government to focus on enhancing security, citing it as crucial for boosting investor confidence.

While presenting data on the country’s economic performance, he noted that some sectors have shown progress, while others have seen a decline in recent years. He attributed this downturn to challenges arising over the past two years, which have affected the overall economy.

Chowdhury also expressed disagreement with certain government decisions, including the 9% salary hike in the readymade garment sector, which he felt was not well-timed.

The BCI president highlighted a significant drop in industrial production, which has fallen by 30-40% due to high inflation, rising bank interest rates, restrictive economic policies, and increased transportation costs. This has led to a slowdown in private sector credit growth, with growth dipping from 10.13% in July to 7.66% in November.

Chowdhury also criticized the government’s recent decision to raise gas prices, following a steep 200% increase over the last two years.

On a positive note, he acknowledged that the country’s foreign exchange reserves had stabilized, and the balance of payments situation had improved. He also praised the government for releasing accurate economic data, a move he said marked a departure from the manipulation of figures during previous administrations.

The BCI president concluded by stating that the organization will soon release further recommendations to help the manufacturing sector navigate the current challenges.