ICCI cautions prolonged lockdown to cripple the economy
- May 04, 2020
The Islamabad Chamber of Commerce and Industry (ICCI) has shown great
concerns over the prolonged lockdown as it would cause permanent closure of millions of
businesses and cripple the growth of overall economy. Therefore, it called upon the
government to ease restrictions and allow gradual opening of businesses as due to continuous
lockdown, labor was losing daily earnings and financial problems of business community were
multiplying.
Muhammad Ahmed Waheed, President, Islamabad Chamber of Commerce & Industry said that
Asad Umar Federal Minister for Planning & Development has himself stated that lockdown due
to pandemic could cause closure of up to one million business institutions rendering 18 million
people jobless and pushing up to 70 million people below the poverty line, which showed that
gravity of situation caused by continuous lockdowns. He urged that to start with, construction
industry in Islamabad should be opened forthwith to provide jobs to idle labor and spur
business activities. He said that if the current lockdown continued, many corporate companies
would be at risk of default that would have long-term negative impact on the economy.
ICCI President said that especially those factories should be opened immediately whose labor
was residing in factory premises as in shutdown mode, industries were unable to keep bearing
the burden of labor, employees and utility bills. He said that during a meeting with Asad Umar
Federal Minister for Planning & Development and Hammad Azhar Federal Minister for
Industries few days ago, they were apprised of the issues of business community, but still their
concerns were not addressed. He strongly demanded that after early finalization of SOPs,
businesses and industries in Islamabad should be opened to provide jobs to labor and revive
the crippled business activities.