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KARACHI , 15 May 2026: SM Tanveer, Patron-in-Chief of the United Business Group (UBG), said businesses cannot rely on bank deposits alone. Instead, he stressed, investment and industrial activity must drive economic growth. He also announced that UBG will soon present a shadow budget. In addition, he said the group has formed an economic think tank to propose recommendations for the upcoming federal budget.
He shared these remarks at a dinner hosted in his honour by UBG President Zubair Tufail. Meanwhile, senior business leaders including Bashir Jan Mohammad and Khalid Tawab also addressed the gathering.
A large number of prominent figures attended the event, including former Sindh Governor Moinuddin Haider, Saqib Fayyaz Magoon, Salman Tufail, Mazhar Ali Nasir, Hanif Gohar, Ahsan Bakhtawari, Dr Abdul Bari, Tariq Haleem, Mian Zahid Hussain, Waseem-ur-Rehman, Malik Khuda Bakhsh, Umar Rehan, Rashid Siddiqui, Dr Imran Yousuf, and Shehzad Mubeen.
Tanveer said Pakistan urgently needs trade policy reforms to revive around 80 closed industries. He added that he has travelled across all provinces, including multiple visits to Khyber Pakhtunkhwa and Gilgit-Baltistan, to understand business challenges first-hand.
He further said that rival groups within the FPCCI have now united. According to him, internal divisions weaken the business community and allow external pressures to grow. He also noted that business leader Bashir Jan Mohammad urged unity, while Anjum Nisar remains an important figure in this effort. As a result, he said, stakeholders have agreed to work together for economic improvement.
He also explained that a five-member committee now selects Federation candidates on merit and electoral strength. Moreover, he said candidates must focus on serving the business community for two years and improving economic performance. “We need measurable results to strengthen FPCCI,” he added.
Separately, he said the economic think tank, led by Bashir Jan Mohammad, has prepared both a five-year development plan and a shadow budget.
UBG President Zubair Tufail praised Tanveer’s leadership and said his outreach to remote regions reflects strong commitment. He added that this leadership has strengthened UBG’s future direction.
He also pointed out that energy costs remain a major challenge. According to him, expensive electricity and gas continue to hurt industries. Therefore, he stressed the need for affordable energy to improve exports and global competitiveness.
Bashir Jan Mohammad said SM Tanveer has emerged as a strong successor to SM Muneer. He also noted that the business community has now achieved unity, which will lead to a more transparent election process. In addition, he said the time has come for the business community to invest back into society through schools and hospitals.
Khalid Tawab concluded that the current situation leaves no room for conflict. Instead, he stressed that industrial growth is essential to reduce unemployment and support the national economy.
