Rawalpindi: A high-level delegation from the Rawalpindi Chamber of Commerce and Industry (RCCI), led by President Mr. Usman Shaukat, had a meeting with National Coordinator Special Investment Facilitation Council (SIFC) Lt. Gen. Sarfraz Ahmed at GHQ. The delegation included Group Leader Mr. Sohail Altaf, former Presidents Dr. Hassan Soroush, Manzar Khurshid Sheikh, Asad Mashadi (Chairman, Rawalpindi Ring Road Economic Zone Committee), Zahid Latif Khan (Chairman, Islamabad Stock Exchange REIT), Nadeem Rauf, and Saqib Rafiq.
The meeting focused on critical development and economic issues, including progress on Rawalpindi Ring Road Project, Special Economic Zone (SEZ) around the Ring Road, Rawat Industrial Estate Development, Pharma Export Council, Tax System Reforms, Impact of Bank Road Conversion into walking street, Expo Center for Twin Cities and Revival of Construction Sector and promotion of Real Estate Investment Trusts (REITs) in Pakistan.
The delegation emphasized the urgent need for approval and development of a Special Economic Zone (SEZ) around the Ring Road. Despite the allocation of 4,000 acres for this zone, they stressed the importance of expediting the approval process and providing special incentives to attract investment.
The delegation also highlighted challenges faced by over 450 operational factories in the estate, which includes Pakistan’s third-largest pharmaceutical cluster. They urged the immediate construction of a 2-kilometer connectivity road to enable the development of 800 additional vacant plots, fostering industrial growth and creating job opportunities.
RCCI proposed the creation of a Pharma Export Council under the Ministry of Commerce to boost pharmaceutical exports and enhance the industry’s global competitiveness.
Furthermore, the chamber suggested leveraging its extensive business networks to assist the Federal Board of Revenue (FBR) in addressing systemic inefficiencies, expanding the tax net, and enhancing revenue collection.
The delegation discussed concerns from local businesses regarding the conversion of Bank Road in Saddar into a walking street, proposing a balanced solution that accommodates all stakeholders.
Immediate approval for an Expo Center was requested to promote trade and investment in Rawalpindi and Islamabad.
The delegation emphasized the need for a strong construction package, given the critical role of over 40 related industries in economic development. They also presented suggestions to promote Real Estate Investment Trusts (REITs).
Lt. Gen. Sarfaraz Ahmed assured RCCI of full cooperation and support in resolving these critical issues and advancing the proposed development projects.
