ICCI – Page 9 – PPI News Agency

February 1, 2023

Pakistan Business Delegation to visit Ethiopia in March to tap trade and exports

Islamabad, February 01, 2023 (PPI-OT):Faad Waheed, Acting President, Islamabad Chamber of Commerce and Industry said that Africa is an untapped market for Pakistan and close cooperation with Ethiopia would help us in capitalizing on the potential business and investment opportunities in the huge market of the African continent. He said that the current volume of around US$ 25 million bilateral trade between Pakistan and Ethiopia is negligible as compared to the actual potential of both countries and stressed that both countries should encourage regular exchange of trade delegations to explore new areas of trade cooperation. He said this while talking to H.E. Jemal Beker Abdula, Ambassador of Ethiopia during his visit to Islamabad Chamber of Commerce and Industry.

Faad Waheed said that the start of direct flights from Ethiopia to Pakistan is a welcome development as it would help improve people-to-people and trade ties between the two countries. He said that Pakistan is producing many quality products including medicines, surgical instruments, leather goods, sports products, rice, light engineering goods, IT products and others that can find a good market in Ethiopia. He assured that ICCI would try to become part of Pakistan’s delegation being formed for Ethiopia.

Speaking on the occasion, H.E. Jemal Beker Abdula, Ambassador of Ethiopia said that the Prime Minister of Ethiopia has a strong passion to promote trade ties with Pakistan and in line with this objective, a business delegation of Pakistan is planned to visit Ethiopia from March 6-10, 2023. He invited the members of Islamabad Chamber of Commerce and Industry (ICCI) to join the said delegation in order to tap the Ethiopian market for trade and exports. He said that the delegation would hold B2B and B2G meetings in Ethiopia to identify business and investment opportunities.

The Envoy said that a delegation of Arif Habib Group of Pakistan has already visited Addis Ababa where it met with business people and officials of the government of Ethiopia and discussed prospects of investing in the country’s manufacturing sector. He said that Ethiopia is a gateway for the African region and Pakistani investors have a good opportunity to set up industrial units in Ethiopia to get duty free access to the huge market of 1.4 billion people of African countries. He said that Ethiopia is importing many products including pharmaceuticals, textiles and construction material and Pakistani exporters have good potential to export these products to Ethiopia.

He said that the Ethiopian airline is expected to start operations to Addis Ababa to Karachi from March 2023 that would help in improving B2B and P2P relations between the two countries. Khalid Iqbal Malik Group Leader ICCI, Zahid Maqbool, Tariq Sadiq, Aamir Hussain and others also spoke at the occasion and offered many useful proposals to further improve bilateral trade and economic relations between Pakistan and Ethiopia.

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

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January 31, 2023

ICCI strongly condemns terrorist attack on Peshawar Mosque

Islamabad, January 31, 2023 (PPI-OT):Faad Waheed, Acting President, Islamabad Chamber of Commerce and Industry (ICCI) strongly condemned the terrorist attack on a mosque in Peshawar’s Police Lines area that has sent shockwaves across the country as over 90 people have reportedly lost their lives in this dastardly act. He expressed solidarity with the victims of the horrible attack and said that the business community of the entire country is grieved over this cowardly suicide attack on the innocent people who were offering prayers in the mosque. He expressed condolences to the bereaved families and prayed for early recovery of the injured ones. He expressed these views while talking to a delegation of Islamabad Estate Agents Association during their visit to ICCI led by President Sardar Tahir.

Faad Waheed said that such despicable acts of terrorism cannot break the resolve of the government and the people of Pakistan and reiterated that the business community is fully standing with the armed forces and the security agencies of the country to foil such nefarious designs of the terrorists who want to disrupt peace in Pakistan. He hoped that the government would accelerate the implementation of the National Action Plan in letter and spirit to eliminate terrorism from the country.

Engr. Muhammad Azhar ul Islam Zafar, Vice President ICCI also condemned the terrorist attack on Peshawar Mosque and expressed condolences to the bereaved families. He said that the whole nation is standing in solidarity with the bereaved families in this hour of grief. Sardar Tahir, President, Islamabad Estate Agents Association and other members of delegation condemned the terrorist attack in Peshawar Mosque and hoped that the terrorists and their facilitators would soon be taken to task for their cowardly act against the innocent people.

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January 30, 2023

Chinese President to inaugurate Gwadar airport soon: Alauddin Marri

Islamabad, January 30, 2023 (PPI-OT):Alauddin Marri, former Caretaker Chief Minister Balochistan and prominent businessman said that Gwadar is the future business hub of the country and Chinese President Xi Jinping would inaugurate the Gwadar airport during his upcoming visit to Pakistan. He said this while exchanging views with Ahsan Zafar Bakhtawari, President, Islamabad Chamber of Commerce and Industry during his visit to ICCI.

Alauddin Marri said that the coastal areas of Balochistan including Gwadar, Turbat and Makran have not been connected with the national grid as yet and added that 100 MW of electricity would soon be supplied to these areas from Iran. He said that Gwadar offers huge business opportunities to both local and foreign Investors in many sectors including service industries, fisheries, petrochemical, tourism, trade logistics, processing and manufacturing industries like assembling of oil storage, refining, transport equipment, ship breaking, food and building materials processing, home appliances manufacturing, electronics and IT industry. He said that it is a good time for potential investors to move to Gwadar and take advantage of its economic potential. He invited the ICCI delegation to visit Gwadar to explore business and investment opportunities.

Speaking at the occasion, Ahsan Zafar Bakhtawari, President, Islamabad Chamber of Commerce and Industry welcomed Alauddin Marri, former Caretaker Chief Minister Balochistan and assured that ICCI would take a delegation to Balochistan to meet with Chief Minister, Governor and Corps Commander Quetta and explore business opportunities in Gwadar.

He said that the pace of all development works in Gwadar including special economic zones and other required infrastructure should be expedited so that business and investment activities could be started. He said that Balochistan is endowed with plenty of natural resources and the government should focus on providing all required facilities to the potential investors to enhance investment that would reduce poverty and unemployment and bring prosperity to the province.

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January 30, 2023

ICCI slams massive hike in the prices of POL products

Islamabad, January 30, 2023 (PPI-OT):Faad Waheed, Acting President, Islamabad Chamber of Commerce and Industry (ICCI) said that the government has made massive hike of Rs.35 per litre in one go in the prices of petrol and diesel that would unleash a new wave of high inflation for the common man and further increase the cost of doing business making our exports uncompetitive in the international markets. He said that the fall of over 34 rupees in the value of our currency against dollar and 35 rupees hike in the prices of petrol and diesel would create a ripple effect as it would badly squeeze the purchasing power of people, reduce growth of business activities making it more difficult to revive the dwindling economy.

He said that the price of petrol has jumped to almost Rs.250/litre and diesel to around Rs.263/litre taking these prices to the record highest level in the country’s history. He said that this unprecedented hike in POL prices would multiply the energy cost and further increase the cost of doing business due to which trade and industrial activities would badly suffer. He said that diesel is used in transportation and agricultural sectors while a big jump in its price would increase transportation cost of goods and agricultural products causing more inflation, especially for low-income people. Moreover, the hike in the price of petrol would also increase transport fares that would bring more misery to the already inflation-stricken people.

ICCI Acting President said that an artificial shortage of petrol and diesel is being created in the market as the oil marketing companies (OMCs) are not distributing them to the petrol pumps and this situation can cause unnecessary panic in the market. He urged that the government should look into this issue and take strong measures to deter the OMCs from hoarding the stock of petrol and ensure the smooth operation of its supply chain to save the people from further troubles.

He wondered who would invest in Pakistan in an environment of frequent hikes in the utility tariffs and POL products. He stressed that the government should make drastic cuts in its non-development expenditures and reduce the profit margins of OMCs instead of putting an unbearable burden on the masses. He urged that in these difficult times, the government should avoid taking harsh measures and focus on promoting ease of doing business to improve exports and steer the economy out of current challenges.

Engr. Muhammad Azhar ul Islam Zafar, Vice President ICCI said that the government is also planning to hike the electricity and gas tariffs to meet the demands of the IMF. He said that repeated hikes in the prices of POL products and utility tariffs would shatter the confidence of investors who need consistent prices and tariffs to make long-term investments in Pakistan. He urged that the government should reconsider the latest hikes in POL prices to save the people and businesses from further troubles.

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January 27, 2023

Pakistan’s elite is callous and ruthless

Islamabad, January 27, 2023 (PPI-OT):Former President of Islamabad Chamber of Commerce and Industry (ICCI) Dr. Shahid Rasheed Butt on Pakistan’s elites are insensitive, merciless, and irresponsible. Total responsibility for looting the country’s resources and ruining the economy rests with the elites but the entire burden is always shifted on the people, he said.

Shahid Rasheed Butt said that the policies designed to promote the ultra-wealthy are increasing poverty in the country and eliminating the middle class. The wealth of the elites is increasing at a rapid pace that is destroying the economy and society which must be stopped, he added.

Pakistani nobility is at the forefront of looting resources but they do not pay taxes to discharge their national obligation. The elites know that economic inequality has terrible consequences and that paying taxes is necessary to bridge the divide between rich and poor and for the bright future of the country but they remains insensitive.

They have earned billions of rupees from Pakistan and have set up businesses and properties abroad therefore, they don’t care about the people and their problems. He said that according to a recent report by a reputed non-profit, inequality has been going on all over the world for the past fifty years, but it has accelerated during the outbreak of the Coronavirus.

During the epidemic, the wealth of the ten richest people in the world doubled and other billionaires increased their fortunes while the income of ninety-nine percent of the people was hit and it became difficult for them to meet the necessary expenses.

The report states that since 2020, the wealth of billionaires is increasing at the rate of $2.7 billion per day, while people are getting poorer at the same rate. If developed countries taxed their billionaires and billionaires at just 5%, $1.7 trillion could be saved, lifting two billion people out of poverty but it is not likely as the influence of aristocracy is the process of decision-making has increased substantially.

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

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January 27, 2023

ICCI shows concerns over falling forex reserves and depreciating rupee

Islamabad, January 27, 2023 (PPI-OT):The Islamabad Chamber of Commerce and Industry has shown great concerns over the falling forex reserves of the State Bank of Pakistan, which have tumbled down to a new low level of around US$ 3.7 billion and sharp erosion in the value of rupee, which has fallen to over Rs.265 against a dollar in the open market on Friday. These indicators show that if immediate corrective measures are not taken, the economy of Pakistan would be heading towards a collapse.

Ahsan Zafar Bakhtawari, President, Islamabad Chamber of Commerce and Industry said that strong foreign exchange reserves of a country give confidence to the local and foreign investors, but the continuous fall in the forex reserves of Pakistan are shaking the confidence of the business community and the potential investors. He said that the government in consultation with the private sector should take war footing measures to boost exports and divert remittances through banking channels to improve the foreign reserves of the country.

He said that over 9000 containers carrying essential commodities including petroleum products, LNG and soybean are stuck up at ports due to shortage of dollars. He stressed that the government should explore out of the box solutions to improve the foreign exchange reserves to ensure that all essential imported consignments are cleared on time to save the business community from further losses.

ICCI President said that the unprecedented fall in the value of rupee in just two days would not only trigger a new wave of inflation, the expensive loans after the interest rate hike would hit the industrial activities. He said that the weak rupee would also increase the landed cost of imported goods and industrial raw materials besides making the life of common man more miserable. He said that SBP had increased the interest rate to tame the inflation, but the latest currency devaluation would negate the SBP’s efforts to check food prices. He stressed that the government should take solid measures to bring stability in the local currency to save the businesses and the people from its harmful consequences.

Faad Waheed, Senior Vice President ICCI said that the costly borrowings after the hike in interest rate and falling value of rupee would make it more difficult to run the industries and this situation would lead to closure of more industries causing further unemployment. Engr. Azhar ul Islam Zafar, Vice President ICCI said that the declining value of rupee would increase the prices of all imported food items besides hiking the prices of locally made items. This situation would make it very difficult for low-income people to manage food expenditures and the country can experience social unrest.

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January 26, 2023

Sri Lanka Preparedness Partnership delegation visits ICCI

Islamabad, January 26, 2023 (PPI-OT):A delegation of Sri Lanka Preparedness Partnership led by Ms. Chandrika Kularathna visited Islamabad Chamber of Commerce and Industry and interacted with the business community to learn about their experiences to cope with the disaster management activities. The representatives of Sri Lankan Disaster Management Centre, Asian Preparedness Centre, Ceylon Chamber of Commerce, Sabaragamuwa Chamber of Commerce and Industry and other organizations were in the delegation.

Addressing the delegation, Faad Waheed, Senior Vice President, Islamabad Chamber of Commerce and Industry briefed the Sri Lankan delegation about the contributions of the business community to reduce the risks of disasters. He said that the business community has always been at the forefront in collaboration with disaster management authorities of the government to provide relief to the people and businesses in disaster-hit areas. He said that the business community made useful contributions to mitigate the miseries of affected people and businesses during major disasters in Pakistan including Covid-19, 2005 earthquake, floods of 2010 and 2022.

He also briefed them about the initiatives of industries to make their production activities environment-friendly in order to reduce the risks of climate-induced disasters. He said that ICCI has arranged ambulance service to facilitate members in case of disasters and other tragedies. He stressed that the private sectors of Pakistan and Sri Lanka should develop close cooperation to learn from each other and develop new disaster-resilient strategies.

Brig. (Retd) Sajid Naeem of Pakistan Resilience Partnership (PRP) said that Pakistan has established strong public-private partnerships and platforms to ignite the momentum for building business resilience. He said that the objective of PRP is to enhance the partnerships, and coordination among government, local humanitarian and civil society organizations, private sector, media and academia to contribute towards strengthening the disaster preparedness and emergency response capacity at national and local levels.

Ms. Chandrika Kularathna Head and other members of Sri Lankan delegation said that the key objective of their visit to Pakistan is to interact with SMEs and learn about their preparedness for continuity of businesses post-disasters. They showed keen interest in learning about the disaster management systems in Pakistan so that they could take advantage of them to reduce risks of disasters in their home country.

Rizwana Asif President Islamabad Women Chamber of Commerce, Malik Sohail Hussain former Senior Vice President ICCI and Sana Zulfiqar of PRP also spoke at the occasion and highlighted the role of the private sector in reducing the risks of disasters in the country through various initiatives.

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