Korangi Association of Trade and Industry Patron in Chief SM Muneer, President Sheikh Umer Rehan, Senior Vice President Muhammad Ikram Rajput and Vice President Syed Wajid Hussain condemned the proposal of relocation of Federation of Pakistan Chambers of Commerce and Industry (FPCCI).

SM Muneer termed the move to shift the head office from Karachi to Islamabad as tantamount to dispersing the Pakistani business and industrial community and ruining the national economy. SM Muneer said that Karachi is the backbone of the national economy and the country’s treasury. It is one of the most lucrative cities in the world. Sheikh Umer Rehan said that Karachi is home to most of the trade bodies, SBP, stock exchanges and most of the banks involved in industry and trade and a port for foreign imports and exports. Despite all this, the proposal to relocate the FPCCI to Islamabad is incomprehensible.

He said that removing the most important platform of industrialists from the country’s economic aqueduct would also have a serious negative impact on the country’s economy. Sheikh Umar Rehan said that the FPCCI administration and officials should immediately remove the relocation of the federation’s headquarters to Islamabad from the agenda and play their role in maintaining unity in the business community.