Tag: FPCCI

Karachi, January 25, 2023 (PPI-OT):Mr. Irfan Iqbal Sheikh, President FPCCI, has expressed his profound disappointment and concerns over an anti-business and anti-growth hike in the key policy rate, i.e. 100 bps to 17 percent by the Monetary Policy Committee (MPC) of the State Bank of Pakistan on Monday. He said that the business, industry and trade community is shocked; and, clueless at the same time on how to cope with its fallout on economic activities, viability of doing business in Pakistan and its inevitable adverse impacts on exports – in the absence of any governmental support, incentives or facilitative mechanism for importers, industrialists and SMEs. Mr. Irfan Iqbal Sheikh explained that there is consensus among the economists that current wave of inflation is in no way a d...

Karachi, January 24, 2023 (PPI-OT):Mr. Irfan Iqbal Sheikh, President FPCCI, has welcomed SBP’s policy decision on Monday to allow clearance of pending LCs of the containers stuck at the ports or those which are in-transit. He added the issue was causing detention charges, demurrages, shortages of raw materials for industrial production, closure of major industrial units, disruptions in the supplies of agricultural inputs, closure of plants due to unavailability of spare parts of the machinery and equipment, non-fulfillment of export orders, loss of revenue due to dwindling production and massive layoffs. Mr. Irfan Iqbal Sheikh highlighted that SBP has advised commercial banks to provide facilitation to those importers who can extend their payment terms to 180 days or more; else, to those w...

Karachi, January 16, 2023 (PPI-OT):Mr. Irfan Iqbal Sheikh, President FPCCI, has apprised that being neighbouring counties and having a shared border of 909 kilometers, Pakistan and Iran can take their bilateral trade to $5 billion within a short span of 2 – 3 years; through creating interdependencies and complementarities in their trade and economics. Mr. Irfan Iqbal Sheikh apprised that regional trade accounts for up to 75 percent among regional and geographically-contiguous economic and trade blocs around the world; and, that is a time-tested key to the regional prosperity. It is cost-competitive in not only in product pricing; but, also saves shipping costs; time-saving and creates healthy economic cooperation. It is pertinent to note that Pakistan-Iran solo exhibition kick-starte...

Karachi, January 12, 2023 (PPI-OT):Mr. Irfan Iqbal Sheikh, President FPCCI, has apprised that the MNAs on the high-powered Standing Committee of National Assembly of Pakistan on Finance and Revenue have visited FPCCI for detailed consultations and setting a direction for the parliamentarians to influence the economic, monetary, fiscal, industrial, trade, taxation and social-sector policies in the broader national interest. While welcoming the high-profile delegation, Mr. Irfan Iqbal Sheikh said that the business, industry and trade community has been largely neglected by the lawmakers; and, more so, in the realm of economic policymaking for industrialization, import substitution and broadening of the tax-base. Mr. Irfan Iqbal Sheikh expressed his profound concerns that all the avenues that...