Former Federal Minister and prominent businessman Gohar Ijaz has urged Pakistan’s business community to rethink its growing preference for overseas investments, particularly in Dubai, and instead channel capital back into Pakistan to support economic recovery and long-term growth. He claimed that real estate and other investments made by Pakistanis in Dubai have crossed the USD 100 billion mark, a figure he said exceeds the country’s total debt burden.
Gohar Ijaz made these remarks while addressing a dinner hosted by prominent businessman and former senior vice president of the Federation of Pakistan Chambers of Commerce and Industry, Bashir Jan Muhammad. The gathering was held to mark the unity between the United Business Group and the Businessmen’s Panel, an alliance described by speakers as historic for the country’s business representation. The event was attended by senior industrialists, business leaders, FPCCI officials, and representatives of chambers and trade bodies from across Pakistan.
Speaking as the chief guest, Gohar Ijaz credited several business leaders, including Zubair Tufail, Nasir Hayat Maggo, and Sheikh Riaz, for playing a critical role in making the alliance possible. He said their efforts helped bridge long-standing divisions within the business community. He also paid tribute to SM Tanveer and Anjum Nisar, noting that the alliance emerged through consultation and compromise, with the backing of figures such as Zubair Tufail and Khalid Tawab.
Ijaz said the unity was achieved because all sides were willing to set aside personal differences, calling it a necessary and positive development for the country. He stressed that while elections within business bodies are important, excessive focus on electoral politics has distracted the business community from its core responsibility of contributing to national economic development. According to him, nearly half the year is often spent campaigning, with little progress on resolving structural economic issues.
Turning to the broader economy, Gohar Ijaz questioned the narrative around stock market performance. He noted that the market had risen sharply from around 40,000 points to 160,000 points and was being labelled one of the best-performing markets. However, he asked whether this rise had translated into higher incomes for ordinary citizens or meaningful gains for the wider business sector. He pointed out that national income increased from Rs1.2 trillion to Rs1.8 trillion by 2025, but Rs600 billion of that growth came from the banking sector alone, while much of the corporate sector remained stagnant.
He revealed that during a recent meeting with the presidents of four banks, it emerged that no new project financing had taken place over the past year because no new projects were being initiated. He warned that this lack of investment was alarming, particularly as around 2.5 million young people are expected to complete their education and enter the job market in the coming years. He questioned whether the business community had a clear roadmap to generate employment opportunities for this growing workforce.
Gohar Ijaz also addressed Pakistan’s export performance, stating that exports are driven by industrialists rather than government policies. He noted that exports have remained stuck at around USD 30 billion for the past five years. He highlighted that Pakistan currently relies on USD 14 billion in rollover deposits, while Pakistanis invested USD 10 billion in Dubai’s property market during 2023–24, compared to just USD 3 billion received as rollover loans. He reiterated that cumulative Pakistani investment in Dubai has now exceeded USD 100 billion.
He argued that if even a portion of this capital had remained within Pakistan, the country’s GDP growth rate could have exceeded six percent. He remarked that Pakistanis now own more property in Dubai than in their own country, urging business leaders to reflect on their long-term commitments. He said that while economic mismanagement and political instability have damaged the economy, it is now time for collective action to rebuild it.
Regarding upcoming FPCCI elections, Gohar Ijaz announced the formation of a five-member committee to select candidates. The committee will be headed by Bashir Jan Muhammad, with Zubair Tufail and Khalid Tawab representing UBG, and Nasir Magoun and Sultan Chawla representing BMP.
Addressing the gathering, SM Tanveer said the alliance represents “Team Pakistan,” adding that the real challenges facing the economy are inflation, high interest rates, expensive electricity, and rising business costs. Anjum Nisar echoed this sentiment, stating that the alliance followed five years of effort and reflects the priorities of businessmen and industrialists rather than political interests.
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