Chambers of Commerce – Page 8

May 31, 2018

Government failed to stabilise the economy in five years

Islamabad, May 31, 2018 (PPI-OT): Islamabad Chamber of Small Traders on Thursday said the incumbent government offered a mixed bag of successes and failures during the last five years. The national GDP has improved significantly backed by the unprecedented amount of local and foreign loans which increased the economic challenges.

Growth rate, loans and availability of energy has increased albeit at a price while law and order have improved for which credit goes to armed forces, said Patron Islamabad Chamber of Small Traders Shahid Rasheed Butt. He said that PML-N has promised to increased exports by more than 100 percent, reduce fiscal deficit to four percent which is now at 5.5 percent.

After coming to power the government vowed to increase tax net to 15 percent which stands at 13 percent and reduces losses of state-run corporations to Rs400 billion while the losses of Steel Mills and PIA has reached to Rs900 billion. Shahid Rasheed Butt said that not a single entity could be reformed or sold and the price of electricity was jacked up from Rs9.50 per unit to almost Rs13 which took a toll on masses and the economy.

Circular debt reached an all-time high despite low oil prices and the frequent hike in power prices and the target for investment was also missed. The government also failed to divert remittances to productive sectors and remained unsuccessful to improve trade with regional countries to stabilise the economy and create jobs with an exception of China.

For more information, contact:
Islamabad Chamber of Small Traders and Small Industry (ICSTSI)
24-D, 3rd Floor, Rashid Plaza Blue Area, Jinnah Avenue, Islamabad, Pakistan
Phone: +92-51-2801045
Email: icstsiofficial@gmail.com, info@icstsi.com.pk
Website: http://icstsi.com.pk/

May 31, 2018

FPCCI urges Prime Minister to include Yarn and Tanned Leather in extended export incentive package

Karachi, May 31, 2018 (PPI-OT): Syed Mazhar Ali Nasir, Senior Vice President and Chairman, Budget Advisory Council of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has urged the incumbent government to also include cotton yarn and tanned leather in the recently announced extended export incentive package for traditional and non-traditional items for the next three years from June 2018 to June 2021.

He elaborated that although these items were included in the original exports package of Rs. 180 billion as announced in year 2017, but have been excluded in the newly announced package without any valid reason. The FPCCI recalled that after announcement of the Prime Minister’s Export Package of Rs. 180 billion for exporters of textile and non-textile sectors the exports have been increased by 13% in the first nine month of the current year 2017-18, “However removal of these textile yarn and tanned leather from the recently announced package may create hurdle in keeping the current increasing trend in exports”, he apprehended.

For more information, contact:
Secretary General
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
B-1, Federation House, Main Clifton Road,
Shahra-e-Firdousi, Karachi-75600, Pakistan
Tel: +92-21-35873691, 93-94
Fax: +92-21-35874332
Email: info@fpcci.com.pk
URL: www.fpcci.com.pk

May 31, 2018

Federation of Pakistan Chambers of Commerce and Industry hosts iftar dinner for diplomats, business leaders

Karachi, May 31, 2018 (PPI-OT): The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) held an iftar dinner in honour of Ambassadors and High Commissioners as well as the prominent business leaders at a local hotel. The dinner was hosted by the president FPCCI Ghazanfar Bilour, SVP, VPs and Senior Vice President of SAARC Chamber of Commerce which was attended by dozens of ambassadors and high commissioners.

Federal Commerce Minister Muhammad Pervaiz Malik, top government officials, representatives of the trade associations, academia, the culture industry, the media, and the leaders of the economic world were also present at the event. Speaking at the occasion, President FPCCI Ghazanfar Bilour said that Pakistan has emerged as a great destination of the foreign investors as the country is offering great returns.

He said that law and order situation has improved to a great extent, availability of energy is bettered while the political situation is satisfactory. Foreign investors should explore the opportunities of investment and joint ventures in various sectors and try to benefit from China Pakistan Economic Corridor (CPEC), he said.

SVP SAARC CCI Iftikhar Ali Malik said that many projects have started in Pakistan in the energy, infrastructure development, communication and other sectors while Special Economic Zones are being established that would provide matchless investment opportunities to investors. The diplomats should send word to the investors of their countries about these investment opportunities in Pakistan, he said.

The diplomats representing Muslim nations shared the experiences, traditions and cultural environment of Ramazan and Eid in their countries with the business community and agreed that all the Islamic countries have similarities and this month further strengthens the bond of brotherhood among them.

They were of the view that such gatherings provide excellent opportunities. They noted that Islamic countries are rich in natural resources in comparison to the whole world but many are still facing problems such as instability. They of the view that the unity of Muslims is the solution to the problems of the Islamic world which will make them developed nations.

May 29, 2018

Lahore Chamber of Commerce and Industry strongly opposes increase in POL prices

Lahore, May 29, 2018 (PPI-OT): The Lahore Chamber of Commerce and Industry has feared of dire economic consequences if government increases the prices of petroleum products that are already high and pinching the trade and industry. The LCCI President Malik Tahir Javaid said that increase in petroleum prices at this critical stage when caretaker setup is going to hold the system, would add fuel to the fire and would give a big blow to the trade, industry and ultimately to the economy.

He said that economic indicators are not in the favour of economy. No sector would be left unaffected if government goes against the ground realities and increases POL prices that is one of the basic raw materials for the industry and a must for trade and economic activities.

“Government should cut down non-development expenditures instead of dropping petrol bomb on the trade and industry which is already struggling for survival. Industry would not be able to contribute in economic uplift of the country if anti-industry decision is taken”, Malik Tahir Javaid said and further added that said that though oil prices in the international market are on the rise but instead of passing this surge to the trade, industry and masses, government should cut the number of taxes and duties levied on petroleum products.

The LCCI President said that it is not the industrial sector alone but the agriculture sector would also badly suffer. He said that Pakistan agriculture sector is engine of growth. The increase in petroleum prices would increase the input cost of agriculture production as high speed diesel is being used in tractors, tube-wells, harvesters, thrashers and other agriculture machinery.

Senior Vice President Khawaja Khawar Rashid and Vice President Zeeshan Khalil said that the cost of thermal generation by private sector to go up. They said that Government is producing huge amount of electricity through thermal means and after increase in petroleum prices, prices of electricity would touch new highs. They said that the Lahore Chamber of Commerce and Industry had for the last many years been calling on the concerned government circles to take measures for the promotion of alternate fuels as trade deficit was fast widening due to heavy imports under the head of petroleum products.

The LCCI office-bearers demanded of the government to move wisely and turn down any suggestion of increase in POL prices as who are doing it, they have no know how of the challenges being faced by the trade, industry and economy.

For more information, contact:
Information Department
Lahore Chamber of Commerce and Industry (LCCI)
11-Shahrah-e-Aiwan-e-Tijarat,
Lahore -54000, Pakistan
Tel: +92-42-111-222-499
Fax: +92-42-36368854
Website: www.lcci.org.pk

May 29, 2018

FPCCI hails the decision of nominating Justice (retd.) Nasir-ul-Mulk as Caretaker Prime Minister of Pakistan

Karachi, May 29, 2018 (PPI-OT): Mr. Ghazanfar Bilour, President FPCCI appreciated the nomination of Justice (Retd) Nasir-ul-Mulk as Caretaker Prime Minister of Pakistan with the consensus. Being the Retired 22nd Chief Justice of Pakistan Mr. Nasirul Mulk has vast experience and insight of the Pakistan’s political affairs. President FPCCI hopes that his wisdom and intellect will support democratic process in the country.

May 26, 2018

Pakistan eager to cement economic ties with Russia

Karachi, May 26, 2018 (PPI-OT): The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Saturday said the business community of Pakistan is eager to improve trade and economic relations with Russia. The imbalance of tilting 100 percent west for seventy long years should be corrected by becoming closer to the regional friends like China, Turkey and Russia, it said.

Pakistan and Russia are in various business deals worth over $10 billion which will take bilateral relations to new heights, said Mazhar Ali Nasir, SVP FPCCI while talking to Russian trade officials at the side-lines of the 22nd St. Petersburg International Economic Forum (SPIEF). Vice President FPCCI Atif Ikram Sheikh, Chairman Coordination Malik Sohail, and Director General South Asian Strategic Stability Institute Dr Maria Sultan are also part of the delegation attending SPIEF.

Pakistan and Russia have been trying to open a new chapter in their bilateral relations and the visit of FPCCI’s delegation is part of the efforts to increase bilateral trade, Mr Nasir told the leaders of different Russian Chambers of Commerce. He said that fifteen thousand delegates from seventy-two countries are attending the forum while business deals worth 100 billion dollars have been finalised.

Mazhar Ali Nasir said that Pakistan and Russia have taken a pro-active approach to take the relationship forward and look for realizing the potential in economic cooperation. Malik Sohail said that SPIEF is an important event, therefore, France’s President Emmanuel Macron, Russia’s President Vladimir Putin, Japan’s Prime Minister Shinzo Abe, China’s Vice President Wang Qishan, and International Monetary Fund Managing Director Christine Lagarde are among the noted participants.

India has a good presence at the forum while African countries have also established their pavilions but Pakistan’s Government has ignored the forum which is amazing, he added. He praised the services of Honorary Consul General Dr Abdul Rauf Rind and assured that FPCCI will not only fully participate in all such forums in the future but also arrange Pakistan’s pavilion.

For more information, contact:
Secretary General
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
B-1, Federation House, Main Clifton Road,
Shahra-e-Firdousi,
Karachi-75600, Pakistan
Tel: +92-21-35873691, 93-94
Fax: +92-21-35874332
Email: info@fpcci.com.pk
URL: www.fpcci.com.pk

May 26, 2018

Kalabagh Dam must to avert water crisis: Lahore Chamber of Commerce and Industry

Lahore, May 26, 2018 (PPI-OT): The Lahore Chamber of commerce and Industry has said that water scarcity in Sindh and other parts of the country is due to our inability to build Kalabagh Dam. The LCCI President Malik Tahir Javaid said that not the Sindh alone but the entire country is facing the issue of water scarcity. Situation in Sindh is severe but it is not due to Federation or Punjab. It is because of those elements who are against the Kalabagh Dam.

This notion is totally wrong that Kalabagh Dam will turn Sindh into an arid zone. Actually delay in construction of Kalabagh dam is the only reason of water shortage in Sindh. He said that water supply to Sindh was averaged 36.6 million acre feet annually before construction of Mangla and Terbala dams. This supply was enhanced to 40.30 million acre feet after building of these dams. He said that Kalabagh dam will also supply over 4 million acre feet additional water to Sindh.

The LCCI president said that the Lahore Chamber of Commerce and Industry had already feared that water crisis would hit the agriculture sector of Punjab and Sindh as country has no big water reservoirs while water storage capacity in Terbela and Mangla dams has considerably gone down. Therefore, Kalabagh dam is a must for the country.

“It would be better if anti-Kalabagh elements play role for early construction of this mega project instead of fuelling the provincial conflict otherwise our future generations would suffer” Malik Tahir Javaid added. The LCCI President said that the Kalabagh dam is inevitable for the progress and prosperity of the country as it will produce power at an average cost of Rs.2/kwh. This cheap power will annually displace costly power worth approximately Rs300 billion with consequential savings of costly oil imports.

He said that there was no threat to Nowshehra city as it is 150 feet above the water level. He said that Kalabagh Dam, was not only beneficial to Punjab alone but it would be more helpful in erasing poverty from Sindh, Balochistan and Khyber Pakhtunkhwa. The dam would irrigate 800,000 acres of land that is located 100-150 feet above the Indus river level in the province. He said this land could only be brought under cultivation if the river level is raised that is only possible if Kalabagh Dam is built. He said the other alternative is to pump the water which is very costly.

Senior Vice President Khawaja Khawar Rashid and Vice President Zeeshan Khalil said that creditable studies have indicated that pumping water for potential cultivable land would cost farmers Rs 5000 per acre per year while canal water after construction of Kalabagh Dam would cost only Rs400 per acre per year. They said that additional water would also be available for Sindh in all seasons.

They said that all the stakeholders should show some greater maturity on the issue of Kalabagh. It is the high time that all undue stands should be brushed aside to save the country from that era of darkness. He said that unlike Pakistan, India is constructing dams at every possible site. It has left us decades behind and coming time does not promise any good thing either.