FPCCI – Page 2 – PPI News Agency

March 11, 2023

Technical barriers to trade new DG PSQCA has promised a proactive approach: Irfan Iqbal Sheikh

Karachi, March 11, 2023 (PPI-OT): Following is the text of press release issued by Federation of Pakistan Chambers of Commerce and Industry (FPCCI)

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Mr. Irfan Iqbal Sheikh, President FPCCI, has apprised that in a detailed meeting with the newly-appointed Director General of Pakistan Standards and Quality Control Authority (PSQCA), the apex body of the trade and industry has raised the longstanding and unresolved issues vis-à-vis Technical Barriers to Trade (TBTs).

Mr. Irfan Iqbal Sheikh highlighted that tyre, aluminium and steel producers have been promised the resolution of their issues by PSQCA, time and again; stressing upon the need to deal differentiation and standardization of raw materials and finished products separately.

FPCCI Chief emphasized that the tyre industry in the country should be fully facilitated and incentivized. It is one of the major industries in the country that can play a major role in import substitution as 80 percent demand of tyres in the country is still met by imports; and, as a matter of fact, domestic producers of tyres can aggressively expand their production and promote import substitution, provided the right policy is formulated.

Engr. M. A. Jabbar, VP FPCCI, demanded that, being the apex body of quality control in the country, PSQCA should regulate food, edible oil and RO plants; which have become a major source of ever-increasing health hazards for a country of 230.1 million. PSQCA should establish its writ and save the masses from sub-standard products in general and consumables in particular, he added.

Mir Ghulam Farooq Langove, DG PSQCA, assured the business community that he will be embarking on a proactive approach towards the resolution of issues; and preference would be given to the pending cases. He added that officers of PSQCA should provide facilitation to the businesses and traders on the doorstep to cut down turnaround times.

DG PSQCA vowed that the sellers of sub-standard, counterfeit and unhygienic products will be dealt in accordance with law; in association with the local administration and provincial and federal governments. PSQCA’s regional offices will be activated and supported to enhance their performance and ensuring stricter quality controls in the country, he added.

DG PSQCA agreed, in principle that his institution will be working with regional offices of FPCCI to create an enabling environment for the industry in the smaller centers and cities to receive PSQCA services – making PSQCA come to them, rather than making them reach the federal authority for the resolution of their issues.

For more information, contact:
Head Office,
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
Federation House, Main Clifton, Karachi, Pakistan
Tel: +92-21-35873691-94
Fax: +92-21-35874332
Email: info@fpcci.org.pk
Website: http://fpcci.org.pk/

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March 10, 2023

Economic woes and IMF Pro-Business reforms and remittances not SLA is the answer: Irfan Iqbal Sheikh

Karachi, March 10, 2023 (PPI-OT): Mr. Irfan Iqbal Sheikh, President FPCCI, has stressed that it is the collective wisdom of the entire business, industry and trade community of Pakistan that resumption of IMF’s Extended Fund Facility (EFF) program even after the now long-pending staff-level agreement (SLA) cannot solve Pakistan’s economic woes; and, the country will continue to be on the tenterhooks of a default for the foreseeable future.

Mr. Irfan Iqbal Sheikh informed that one should be aware of the fact that Eurobonds account for only 4 percent of Pakistan’s external debts as opposed to the much higher ratios for the countries that have defaulted; and, achieving debt restructuring on all other major external debts after the program restructuring should not be an issue for a prudent economist or a finance minister – on the back of economic cost of the floods.

Mr. Irfan Iqbal Sheikh added that the only answer here is pro-business reforms, policies and economic agenda – enabling the business community to increase exports; unleash import substitution; build foreign exchange reserves; enhance the external debt repayment capacity; create jobs and generate tax revenues to fund country’s development needs.

Mr. Irfan Iqbal Sheikh apprised that FPCCI has reached a conclusion that Pakistan needs continuity in economic policies to restore investment sentiment in the country; and, the economic agenda setting should be unanimously agreed by all the political parties for the next 15 years.

Mr. Irfan Iqbal Sheikh explained that the country faces a deficit in upwards of $20 billion in the next 18 – 24 months alone to meet its external liabilities; and, there is no way that even another IMF program can offer that much of financing. Therefore, the government should sit with the business community to chalk out a plan to enhance exports and earn precious foreign exchange reserve in the logical, incrementally sustainable and tangible manner.

FPCCI Chief expressed his profound concerns that SBP is still expecting the business community to wait for the gradual lifting of import curbs; even after the staff-level agreement (SLA) is clearly in sight. The industry, production and exports will continue to suffer through this approach that makes no economic sense, he added.

Mr. Irfan Iqbal Sheikh reiterated that access to finance and export financing must be made possible at an affordable rate. He maintained that textile industry can easily earn $25 billion in a year; IT and ITeS $5 billion and remittances can touch $35 billion; if the right economic agenda can be set in consultation with trade and industry stakeholders. The three aforementioned targets can be achieved in the very short-term, i.e. less than a year, through the right policies – and, these would be hard-earned cash to stay in the country, not the loans, he added.

Mr. Irfan Iqbal Sheikh reiterated that the government should admit its failure that it could not get any waiver, leverage or concession despite the country has suffered one of the worst, wide-spread and economically costliest floods in the modern human history – resulting in the well-documented losses of $30 billion.

Mr. Irfan Iqbal Sheikh added that the first priority of the government, after the 9th tranche of the ongoing EFF of IMF, should be to approach multilateral and bilateral lenders for the debt restructuring to create breathing space for the economy before 10th and 11th reviews take place, which are expected to be conducted collectively; so that, rupee can be stabilized after taking some pressure off in terms of reduced repayments in foreign exchange; policy rate can be brought down and bringing down the repayment of domestic debt; imports of raw materials and machinery can be resumed to their normal levels and fiscal space can be created for development projects in infrastructure, energy, agriculture and special economic zones (SEZs) through reducing the debt repayment allocations for the upcoming 2 – 3 years.

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February 27, 2023

South Korea’s KOTRA-Sponsored Training Programs have enhanced the productive efficiency of Pakistani Engineers in Auto Industry by 20%

Karachi, February 27, 2023 (PPI-OT):Mr. Irfan Iqbal Sheikh, President FPCCI, has welcomed the Korea Trade-Investment Promotion Agency (KOTRA)’ initiatives in Pakistan for youth empowerment; skills development; world-class vocational training; productive efficiency enhancement and employment generation.

Mr. Irfan Iqbal Sheikh has expressed his satisfaction that the productive capacity of Pakistani engineers working in automobile plants has increased substantially and their efficiency has also increased by 20 percent with the help of various trainings and vocational education programs of friendly country of South Korea’s KOTRA. We need to learn from Korean industrial standards and try to adapt them in Pakistan, he added.

Mr. Irfan Iqbal Sheikh stressed that in the total bilateral trade of $1.6 billion with Korea, Pakistani exports stand at merely $191; resulting in a massive bilateral trade deficit, year after year. He proposed that KOTRA should help Pakistani exporters to improve B2B and Chamber-to-Chamber linkages with their Korean counterparts – and, enable them to find their expanded export market in value-added textiles; leather products; sports goods; IT and IT-enabled Services (ITeS); cement and related products; surgical goods and natural minerals.

Engr. M. A. Jabbar, VP FPCCI, said that FPCCI is concerned at the shortages of raw materials at Lotte’s Pakistan plant; which is a Korea’s top multinational conglomerate and playing an important role in Pakistan’s industrial and economic development. He added that FPCCI requests the government to resolve the pending LCs of Lotte ASAP.

Engr. M. A. Jabbar apprised that there are at least 25 major Korean companies operating in Pakistan and generating a lot of economic activities and employment. We should facilitate and incentivize them; so that, more Korean companies can establish their presence in Pakistan. Engr. M. A. Jabbar explained that the only way forward for Pakistan is rapid industrialization and aggressive import substitution; and, Korea is the right partner for FDI in various industrial sectors; joint ventures and manufacturing collaborations.

Mr. Sung Jae Kim, Director General of KOTRA Karachi Office, briefed the session that KOTRA is willing to expand its services and programs in Pakistan. He also emphasized that Pakistan can increase their exports to Korea through quality assurance at par with Korean standards; and, this will reduce the bilateral trade deficit of Pakistan with Korea. However, DG KOTRA, added that the government of Pakistan should look into the pending LCs; shortages and delays of raw materials; profit repatriation and other foreign exchange related issues of Korean companies in Pakistan.

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February 22, 2023

Additional Secretary Middle East called on President FPCCI the economy is of primary importance in today’s world politics: President FPCCI Irfan Iqbal Sheikh

Karachi, February 22, 2023 (PPI-OT):Ambassador Rizwan Saeed, Additional Secretary Middle East Ministry of Foreign Affairs, visited FPCCI for a meeting with President Irfan Iqbal Sheikh and FPCCI Vice Presidents Aminullah Baig and Umar Masood Rahman. The purpose of the meeting is to discuss access of Pakistani products to the Middle East market and increase in exports, attract foreign investment through the facilitation of Pakistan abroad missions. The FPCCI President Irfan Iqbal Shaikh said that over the decades, countries around the world have started adopting their models of economic diplomacy, which aims to regulate the interaction of foreign policy with economic interests. The economy is of primary importance in today’s world politics.

Economically stable countries are important in foreign policy or power politics in the world. The tragedy of Pakistan’s politics is that both its internal and external fronts have been suffering from many kinds of problems and contradictions. This is the reason why we have not been able to stabilize politically and economically.

Irfan Iqbal Sheikh while presenting various suggestions regarding the improvement of the Pakistani economy and increase in exports said that the introduction of Pakistani products outlets of Pakistani retail sectors should be opened in the Middle East and instructions should be given to Pakistani embassies to take steps to promote investment in various sectors including medicine, tourism, information technology, agriculture. He urged that the appointment and deployment of commercial attachés should be on merit and related sectors and in the experiment and the approval of FPCCI and they should be given special targets to achieve within the specified time.

e. Special display centres for Pakistani products should be established in Pakistani embassies. High-level trade delegations and single-country exhibitions should be ensured to boost trade. In this regard, appropriate guidance should be obtained from FPCCI, the largest commercial organization in Pakistan.

On this occasion, the Additional Secretary of the Ministry of Foreign Affairs for the Middle East, Ambassador Rizwan Saeed, ensured all possible facilities and support to the President of FPCCI, Irfan Iqbal Sheikh, on behalf of the Government of Pakistan, the Ministry of Foreign Affairs and Pakistani embassies around the world, especially in the Middle East. He assured that the government of Pakistan is taking steps for the development of industry and trade in the country, increase in exports and promotion of tourism. All embassies of Pakistan will work together with FPCCI for investments in tourism, IT, medicine and other sectors, and access to international markets for Pakistani products.

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February 20, 2023

Malaysian Consul General’s visit FPCCI Team has discussed the need for a new FTA

Karachi, February 20, 2023 (PPI-OT):Mr. Irfan Iqbal Sheikh, President FPCCI, has expressed his longstanding concerns that bilateral trade deficit with Malaysia has been in excess of $1 billion historically; and, it needs to be addressed in the new FTA bring discussed between the two governments. He highlighted that there are many Pakistani products which are exported to Malaysia through third countries after only packaging and branding; e.g. Pakistan’s world-class surgical and sports goods. This way Pakistani producers lose a lot of value addition and revenues, he added.

Mr. Irfan Iqbal Sheikh apprised that FPCCI team has discussed the rationale and must-have sectorial concessions, which should be included in the FTA, during the visit of H. E. Mr. Herman Hardynata Bin Ahmad, Consul General of Malaysia, to the Federation House, Karachi. He added that the FTA is more than 15 years old; and, need to be reviewed and expanded as it has lost its relevance in today’s time.

Mr. Shabbir Mansha, VP FPCCI, emphasized that after Pakistan’s inclusion into TIR Convention, Pakistan has started to trade with CIS countries through land-based routes – which is not only time-saving but also more than halves the cost of transportation. He added that Pakistan and Malaysia should explore and study the possibilities of using TIR Convention and transit trade routes to enhance their bilateral trade.

Mr. Shabbir Mansha also requested the Malaysian diplomat to use their influence to get Pakistan a Full Dialogue Partner status in the important alliance of ASEAN from the current status of a Sectorial Dialogue Partner. He apprised the Consul General that the Ministry of Commerce (MoC) has solicited the feedback, proposals and recommendations of the apex body of FPCCI in the review process of FTA with Malaysia; which is being revised after it was signed back in November 2007.

Mr. Bashir Jan Mohammed, Chairman of FPCCI’s Pakistan – Malaysia Business Council (PMBC), apprised the session that palm oil imports from Malaysia to Pakistan have declined considerably due to various restrictions; and, top of the list is the imposition of 3 – 8 percent export duty on Crude Palm Oil (CPO). He also emphasized that direct flights between the major cities of Pakistan and Malaysia can enable the exports of perishables like fruits and vegetables.

H. E. Mr. Herman Hardynata Bin Ahmad, Consul General of Malaysia, agreed that there are logistical impediments, lack of direct flights and insufficient B2B activities; and, he is reaching out to business community of Pakistan to address them. He also assured FPCCI that Malaysia is assessing the possibilities to offer concessions or waivers in duties to the ten products requested by Pakistan under the FTA review process. He stated that Malaysia needs to import rice, pink salt, surgical goods, chicken and eggs, other halal foods, etc. to meet its domestic demand.

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February 10, 2023

The Business Community of Pakistan stands with the People of Turkiye and Syria in its difficult time

Islamabad, February 10, 2023 (PPI-OT):Mr. Irfan Iqbal Sheikh President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and Umar Masood Ur Rehman, Vice President FPCCI visited Turkish and Syrian Embassies for expressing condolences and sympathies on tragic loss of lives and injury arising from a series of recent strong earthquakes.

During meeting with the Ambassadors of Turkey and Syria they shared and recorded their thoughts and prayers for those who lost their loved ones during this difficult time and wished for those injured a speedy recovery. The President of FPCCI on behalf of the business community of Pakistan assured full support and assistance in shape finance and relief items and also stand with the people of Turkiye and Syria in its difficult time. They also expressed their believes that Turkey and Syria will recover form this tragedy rapidly and emerge stronger.

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February 8, 2023

Punjab and KPK Governors join hands to support Trade and Industry

Karachi, February 08, 2023 (PPI-OT):In an astounding development and in an era of political divisions, Mr. Baligh Ur Rehman, Governor Punjab and Haji Ghulam Ali, Governor KPK, have collectively inaugurated the new Lahore Office Complex of FPCCI – which is manifold bigger and better equipped than the old one; and, will be catering to the entire Punjab province, having 62 percent share in country’s population.

Mr. Irfan Iqbal Sheikh, President FPCCI, has apprised that Mr. Baligh Ur Rehman and Haji Ghulam Ali have collectively assured the business community to support their just causes and burning issues like delays in the opening of LCs; lack of incentives for exporters; planned withdrawal of power subsidy to the export-oriented industries and unavailability of affordable access to finance for the business community.

Mr. Irfan Iqbal Sheikh said that this initiative will project the soft image of Pakistan; help bring foreign investors in the country in general and Punjab in particular; provide a central point to the business community of Punjab for their policy advocacy with the provincial and federal governments and new office complex will serve as the nerve center for inputs in the upcoming budget-making exercise and charter of economy.

Mr. Irfan Iqbal Sheikh also stressed that Pakistan grossly lacks the facilities and infrastructure to prepare for, participate in and bring international trade and industry events to Pakistan; adding that trade fairs and exhibitions are the central requirement for any country to increase their exports.

FPCCI Chief said that we have done our part by establishing Lahore Office Complex through our own resources from the platform of FPCCI; and, now the government should play their role to facilitate our trade promotion activities and endeavours. Nonetheless, he expressed his gratitude that two top representatives of the federal government have come together to honour the milestone achievement of FPCCI.

Haji Ghulam Ali highlighted that the apex body of FPCCI and the business community genuinely needed this building and the milestone was long-over-due by nothing less than 40 years. He also offered to be a bridge between the business community and the federal government. He added that 96 percent of the business community’s assets and children are in Pakistan; and, this fact differentiates them from other influential segments of the society. Mr. Baligh Ur Rehman maintained that political instability is making the issues worse for the business community; and, have sought FPCCI’s recommendations to ease the difficulties of exporters and industrialists.

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