Day: October 18, 2021

Islamabad, October 18, 2021 (PPI-OT):Muhammad Shakeel Munir, President, Islamabad Chamber of Commerce and Industry (ICCI) has slammed the government decision to make yet another hike in the prices of petroleum products within one month taking them to historic higher level that would entail harmful consequences for business sector and unleash a new wave of high inflation for the common man making his life more miserable. He urged that the government should immediately withdraw this unwise decision to save the businesses and the people from deep troubles.

He was speaking as chief guest at a dinner reception hosted by Bilal Younis, CEO of Bilal Enterprises in honour of ICCI Office Bearers. Jamshaid Akhtar Sheikh Senior Vice President, Muhammad Faheem Khan Vice President ICCI, Mian Akram Farid Chairman Founder Group, Khalid Javed, Ejaz Abbasi, Baser Daud, Tahir Abbasi, Muhammad Naveed, Ashfaq Chatha, Saeed Khan, Khalid Mehmood, Azhar ul Islam, Raja Imtiaz, Sheikh Abdul Waheed, Iftikhar Anwar Sethi, Tahir Mahmood, Ms. Parveen Khan, Javed Iqbal and others were present at the occasion.

Muhammad Shakeel Munir said that only in October 2021, the government has hiked the price of petrol by Rs.14.49/litre, high speed diesel by Rs.14.44/litre, LDO by Rs.17.66/litre and kerosene oil by Rs.18/litre which is not justified by any standards. He said that the people were already facing great difficulties due to high inflation and the business community was still struggling to combat the impact of Covid-19 pandemic. In these tough times, the government has made an exorbitant hike in POL products that would burden people with very high inflation besides making a manifold increase in cost of doing business. He urged that in these tough times, the government should avoid taking such harsh decisions and focus on promoting ease of doing business to steer the economy out of current challenges.

Jamshaid Akhtar Sheikh Senior Vice President and Muhammad Faheem Khan Vice President ICCI said that petrol price has gone up from around Rs.103/litre to Rs.137.79 /litre and that of diesel from around Rs.110/litre to Rs.134.48/litre from January to October 2021, which was a record increase. They said that the government was also considering increasing prices of electricity and gas under pressure of IMF, but such anti-business measures would jeopardize the survival of businesses and put an unbearable burden on people.

Mian Akram Farid, Chairman Founder Group said that the repeated hikes in the prices of POL products and utility tariffs would shatter the confidence of investors who needed consistency in prices and tariffs to make investment in Pakistan. He stressed that the government should withdraw all taxes and petroleum levy on POL products and withdraw the latest hike in the prices of POL products to provide some relief to the people.

For more information, contact:
Islamabad Chamber of Commerce and Industry (ICCI)
Chamber House, Aiwan-e-Sanat-o-Tijarat Road,
Mauve Area, G-8/1, Islamabad, Pakistan
Tel: +92-51-2250526, 2253145, 8432676
Fax: +92-51-2252950
Email: icci@brain.net.pk, info@icci.com.pk
Website: www.icci.com.pk

Islamabad, October 18, 2021 (PPI-OT):A delegation of CDA Labour Union led by its Secretary General Ch. Muhammad Yasin visited Islamabad Chamber of Commerce and Industry to congratulate the new Office Bearers of Chamber and assured all possible cooperation to ICCI for resolving the CDA related key issues of the business community. Aurangzeb Khan President, Umar Jiwana Vice President and others were in the delegation.

Addressing the delegation, Muhammad Shakeel Munir, President, Islamabad Chamber of Commerce and Industry said that CDA Board in August 2020 had taken a decision to allow renewal of industrial plots @ Rs.100,000/per kanal, but it has not been implemented as yet because the decision was forwarded to National Coordination Committee on Housing, Construction and Development for endorsement.

He said that CDA was an independent authority and it should immediately implement its Board decision to resolve the longstanding issue of lease renewal of industrial plots. He said that roads in industrial areas including Kahuta industrial triangle were badly broken and urged that CDA should focus on better development of markets and industrial areas to facilitate the growth of business activities. He thanked the CDA Labour Union delegation for visiting ICCI and assured that the Chamber would extend all possible support to the Union in its efforts for the welfare of CDA laborers.

Mian Akram Farid, Chairman, Founder Group said that the business community and CDA were key stakeholders in the development of the federal capital and close cooperation between them was important for growth of business activities and development of Islamabad. He said that CDA employees could play a vital role in resolving the issues of the business community. He proposed that a joint committee of ICCI and CDA Union should be formed to address issues of business activities with joint efforts. He also lauded the role of CDA laborers for improving greenery in Islamabad.

Jamshaid Akhtar Sheikh Senior Vice President, Faheem Khan Vice President ICCI, Ejaz Abbasi, Baser Daud, Muhammad Naveed, Khalid Chaudhry and others also spoke at the occasion and lauded the efforts of Ch. Muhammad Yaseen for protecting the interests of CDA employees.

Speaking at the occasion, Ch. Muhammad Yasin, Secretary General, CDA Labour Union said that the business community have played key role in the development of the Capital and CDA should extend them maximum facilitation in promoting business activities. He announced to nominate 2 employees in CDA Union Office and 1 employee in each Directorate of CDA as focal persons for ICCI to resolve the issues of the business community. He said that CDA Labour Union in collaboration with ICCI would make efforts to develop Islamabad as a model city of the country. Both sides exchanged views on a wide range of areas to make collective efforts for achieving their common goals.

For more information, contact:
Islamabad Chamber of Commerce and Industry (ICCI)
Chamber House, Aiwan-e-Sanat-o-Tijarat Road,
Mauve Area, G-8/1, Islamabad, Pakistan
Tel: +92-51-2250526, 2253145, 8432676
Fax: +92-51-2252950
Email: icci@brain.net.pk, info@icci.com.pk
Website: www.icci.com.pk

Islamabad, October 18, 2021 (PPI-OT):Former President of Islamabad Chamber of Commerce and Industry (ICCI) Dr. Shahid Rasheed Butt on Saturday rejected massive increase in the price of petroleum products terming it a move against the interest of masses which will hit the popularity of the government.

Hike in the price of petroleum products, increased price of ghee and cooking oil and power tariff increase will result in a new wave of inflation making life very difficult for majority of the people, he said. Shahid Rasheed Butt said that government is testing patience of masses but their actions have become intolerable and amounts to robbing people through mini-budgets.

This incapable government will squander billions of rupees collected from the increase in prices of petroleum products, he said, adding that forth hike in petroleum products in two months is insupportable. Mr. Butt said unfair distribution of wealth is causing serious economic and social problems.

Poverty, hunger, illiteracy, preventable disease, polluted air and water, and most of the other ills that beset humanity have the same root cause — the inequitable distribution of wealth and resources, he said. Shahid Rasheed butt said that most human misery and injustice is a fair allocation of the world’s wealth but the current economic system promotes unequal distribution of wealth and promotion of the interests of the wealthy.

In a statement issued here today, he said that the influence of the wealthy and the inequalities are increasing side-by-side, which proves that something is wrong in the heart of the system which is failing it. He said that social development and economic revival could only become a reality if serious steps are taken to ensure just distribution of resources and protection of the rights of the masses.

He said that redistribution of wealth through state intervention can minimise impoverishment but it has never been a priority of those who matter, he observed. The state should use all resources to fulfil the economic, social and cultural rights of the masses as all the strategies that ignore just distribution of wealth waste our time and resources and undermine our efforts to create a better society.

Just distribution of wealth cannot be achieved unless the indirect taxation is reduced and direct taxation is increased in Pakistan which is being demanded for decades as indirect taxes hurt the poor, he said. He said that concrete actions based on recommendations of a national debate have become imperative as current difficulties are pointing towards alternative approaches and solutions that need to be explored.

For more information, contact:
Dr. Shahid Rasheed Butt
Consul General Ghana
Former President ICCI
Former Patron ICST
Tel: +92-333-5132199, +92-51-2822571