FPCCI urges establishment of Bank of Balochistan for industrial growth

December 03, 2024 (MLN): Atif Ikram Sheikh, President of FPCCI, has suggested that the federal and provincial governments should facilitate the establishment of the Bank of Balochistan (BoB), similar to Bank of Punjab (BoP), Bank of Khyber (BoK), and Sindh Bank.

The BoB would provide accessible and viable financing for industries in Balochistan.

He said this while emphasizing the urgent need for special attention from the government towards industrialization in Balochistan.

Key measures include waivers on taxes and duties, the establishment, incentivization, and operationalization of Special Economic Zones (SEZs), the creation of the Bank of Balochistan, and ensuring law and order—critical for fostering economic activities and attracting investment.

He further proposed that BoB should tailor its lending policies to address the unique conditions of the province, the constraints faced by its business community, and local entrepreneurs. This initiative, he noted, could lead to unprecedented economic development in Balochistan while attracting both foreign direct investment (FDI) and domestic investment.

President FPCCI commended the resilience of the people of Balochistan and highlighted that economic activities are sustained by their dynamism. However, he stressed the importance of protecting cottage industries and micro, small, and medium enterprises (MSMEs), which are vital for keeping the provincial economy afloat.

Nasir Khan, Vice President of FPCCI from Balochistan, described the situation as dire, with shrinking employment opportunities for the youth.

He identified SMEs as the most affected sector, despite being the primary engine of growth in a developing country like Pakistan.

He emphasized the importance of addressing this issue to prevent youth unemployment, which could lead to societal instability.

Nasir Khan also pointed out the lack of an insurance company in Balochistan, which hampers the confidence of traders, industrialists, service providers, and investors.

He proposed establishing such institutions through a public-private partnership (3P) model to create an ecosystem that supports a thriving business environment.

To counter poverty and prevent youth from falling into the hands of outlaws, Nasir Khan stressed the need for education, skill development, and employment opportunities.

He called for empowering the youth to become stakeholders in the economic development of Balochistan and Pakistan as a whole.

Nasir Khan recommended a robust marketing and public relations campaign to attract domestic and foreign direct investment (FDI) in Balochistan. Assuring safety and security for investors is vital for this initiative.

He reaffirmed FPCCI's support for the armed forces and the government in such endeavors.

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