Islamabad, January 17, 2026: Former Vice President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Zahid Iqbal Chaudhry, has said that the views expressed by Patron-in-Chief of the United Business Group (UBG) SM Tanvir on the deteriorating national economy accurately reflect the ground realities.
In a statement issued to the media, Zahid Chaudhry said that SM Tanvir’s recent press conference presented a realistic and fact-based assessment of Pakistan’s economic situation. He said the press conference exposed what he described as hollow claims of economic growth by the “Form-47-installed government,” adding that the business community across the country fully supports SM Tanvir’s forthright and courageous stance.
He said that cosmetic measures such as decorating streets and intersections with colourful lights do not constitute development. True development, he stressed, lies in the survival of industries, growth in exports, creation of employment opportunities, and the provision of affordable electricity and other essential facilities to industrialists. According to him, these realities were highlighted by SM Tanvir with clarity and a sense of responsibility.
Zahid Chaudhry said the concerns raised regarding the closure of more than 145 textile units, high energy costs, elevated interest rates, and a non-competitive tax regime represent the collective voice of industrialists nationwide. He warned that if the current conditions persist, the economy would weaken further, potentially forcing Pakistan to once again seek assistance from the International Monetary Fund (IMF).
He emphasized that contrary to official claims of economic improvement, industrialists are facing a severe crisis. He added that the slowdown in real estate and other sectors is negatively impacting more than 40 allied industries. According to him, SM Tanvir’s press conference made it clear that without an immediate reduction in electricity prices, a cut in interest rates to single digits, meaningful tax relief, and a genuine export-oriented support package, economic stability would remain out of reach.
Zahid Iqbal Chaudhry urged the government to take concrete steps to pull the industrial sector “off the ventilator” and put it on a path of sustainable growth. He called for the immediate implementation of SM Tanvir’s proposals to restore the confidence of industrialists and revive the national economy.
