KARACHI, May 15, 2026: Patron-in-Chief of the United Business Group (UBG), SM Tanveer, has said that banks alone cannot drive economic growth by merely holding money, stressing that investment, industrial activity and business expansion are essential to revive Pakistan’s economy.
Speaking at a dinner hosted in his honor by UBG President Zubair Tufail in Karachi, SM Tanveer announced that UBG has finalized a shadow budget and established an economic think tank to present recommendations for the upcoming federal budget.
The event was attended by prominent business and political figures including former Sindh Governor Moinuddin Haider, Hanif Gohar, Ahsan Bakhtawari, Bashir Jan Mohammad, Khalid Tawab and several senior representatives of the business community.
UBG Calls for Revival of Closed Industries
SM Tanveer said Pakistan urgently needs a trade policy focused on reviving nearly 80 closed industries across the country. He added that he had visited all four provinces, including Gilgit-Baltistan and multiple districts in Khyber Pakhtunkhwa, to understand the challenges faced by traders and industrialists.
He noted that rival groups within the Federation of Pakistan Chambers of Commerce and Industry have united to safeguard the interests of the business community, saying internal conflicts weaken the private sector and benefit governments politically.
According to him, senior business leader Bashir Jan Mohammad played a key role in ending divisions among business groups, while veteran businessman Anjum Nisar also contributed toward building consensus for economic reforms.
Five-Member Committee Formed for FPCCI Elections
SM Tanveer revealed that a five-member high-powered committee has been formed to nominate candidates for FPCCI elections purely on merit and vote bank strength.
He said candidates should enter the Federation with the intention of sincerely serving the business community and improving Pakistan’s economy during their tenure.
“We need practical results to improve the standard and performance of FPCCI,” he said.
He further disclosed that the newly established economic think tank, headed by Bashir Jan Mohammad, has already prepared a five-year economic development roadmap alongside the proposed shadow budget.
Affordable Electricity and Gas Essential for Export Growth
UBG President Zubair Tufail said Pakistan’s industrial sector continues to suffer from high electricity and gas tariffs, making exports less competitive in international markets.
He identified Independent Power Producers (IPPs) and the energy crisis as major concerns for the business community and stressed that affordable electricity and gas are critical for industrial expansion and export-led growth.
“Without cheap energy, industries cannot compete globally,” he said.
Business Community Must Support National Development
Industrialist and philanthropist Bashir Jan Mohammad said the entire business community has now become united under a common platform, unlike in the past when governments allegedly created divisions among business leaders.
He remarked that if even the elite class is facing economic difficulties, the condition of lower-income groups can easily be understood. He urged businessmen to contribute toward national welfare by establishing schools and hospitals.
Meanwhile, Khalid Tawab emphasized the need for unity within the business community, saying the country cannot afford further conflicts and disputes under current economic conditions.
He stressed that new industries must be established in the larger national interest to reduce unemployment and strengthen Pakistan’s economy.
