FPCCI promotes cashless economy and Eastern European trade

The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) is pursuing two major economic initiatives: transitioning to a cashless economy and expanding trade with Eastern Europe.

During a roundtable session in Karachi, FPCCI President Atif Ikram Sheikh met with stakeholders from the State Bank of Pakistan, the Federal Board of Revenue, and the Sindh Revenue Board to discuss digital payment adoption. The group discussed developing incentives, such as tax breaks and cashbacks, to encourage documented transactions and improve tax compliance. The State Bank of Pakistan expressed commitment to supporting a secure digital infrastructure and FinTech solutions.

Separately, Sheikh called for a strategic push to increase trade and investment with Eastern European markets, including Romania, Poland, Hungary, and the Czech Republic. Noting that two-way merchandise trade reached approximately $1.46 billion in fiscal year 2025, he emphasized the need to diversify export destinations beyond traditional European markets. Key sectors identified for growth include textiles, rice, surgical instruments, pharmaceuticals, and IT services. The newly established FPCCI EU Forum will be used to facilitate these new business linkages.