Tag: KCCI

Karachi, March 14, 2023 (PPI-OT): State Minister and Chairman of Reforms and Resource Mobilization Commission (RRMC)Ashfaq Tola has said that Pakistan had been into serious economic crises in 1998, 2008 and 2013 but came out successfully due to strong unity exhibited by everyone along with political stability which was the only way forward to pull the country out of current economic crises.

“The current crises being faced by the country were unique as these were a double-edged sword surfacing due to our own internal weaknesses”, Chairman RRMC added while speaking at a meeting during his visit to the Karachi Chamber of Commerce and Industry (KCCI).

Chairman Businessmen Group Zubair Motiwala, Vice Chairmen BMG Anjum Nisar and Jawed Bilwani,
President KCCI Mohammed Tariq Yousuf, Senior Vice President Touseef Ahmed, Vice President Haris Agar, Former Presidents and KCCI Managing Committee Members also attended the meeting.

“Bits and pieces don’t win the game and political stability is the name of the game so we all have to act together to deal with the situation”, said Ashfaq Tola, adding that the economic stability is always tied up with political stability.

He was of the view that by and large, the situation was not so cozy with the IMF which was the basic reason why power subsidy given to export industries and other subsidies have been withdrawn in addition to the announcement of mini budget and other harsh measures.

“The economy flourishes only in those countries where tough decisions are taken as easy decisions never pave way for economic prosperity” he said, adding that rupee devaluation and man-made crises caused due to Russia-Ukraine war have also contributed to a very large extent to further worsen the situation beyond anyone’s thinking.

Referring to concerns expressed over delays in release of Sales Tax refunds, he said that it was a genuine issue which, he would personally discuss with Finance Minister Ishaq Dar and would keep on striving until it was resolved. He said that Ishaq Dar was a public figure but as he has remained extensively engaged with the IMF, he was unable to meet representatives of business community. “Finance Minister would certainly hold interactions with KCCI as soon as he is done with his current engagements.”

Commenting on raw material imports issue, he said that the issues being faced by the importers of raw material would ‘very soon’ lead towards betterment.

“I am also of the view that the increase in gas tariff should not be applicable from 1st January 2023 and I have convened your message to relevant authorities”, he added while fully supporting KCCI’s viewpoint over the unconstitutional move to retrospectively increase gas tariff.

Speaking on the occasion, Chairman Businessmen Group Zubair Motiwala pointed out that although the government requires foreign exchange which can only be achieved by improving the exports and promoting import substitution but unfortunately this was not happening at all as the government, instead of facilitating, has stopped release of refunds, blocked raw material imports, withdrawn subsidy to five export oriented sectors that has raised electricity tariff by 70 percent, augmented interest rates to 20 percent, escalated gas tariff retrospectively by 35 percent which was purely against the Constitution of Pakistan.

“In this scenario, how is it possible to enhance the exports and set up import-substitution industries”, he asked, adding that the policies being pursued would not improve but surely reduce the exports.

To minimize the impact of inflation being suffered by the public, he requested the government to allow imports of raw materials, plastics, pharmaceutical products, food and its allied items etc. without any hindrances.

“Secondly, the government must also immediately start releasing Sales Tax refunds which, if further delayed, would prove disastrous for Pakistan”, he stressed, adding that connection between the Ministry of Finance and the business community has almost finished as they were not being updated about the state of affairs and were not being made part of the dialogues which have led to triggering a lot of rumors amongst the members of business and industrial community. “Dialogues between the Finance Division and the business community must continue in all types of circumstances.”

President KCCI Mohammed Tariq Yousuf, while welcoming Ashfaq Tola, stressed the need to mobilize resources in a productive direction and also bring maximum people into the tax net without further overburdening the existing taxpayers.

“Frequent changes in taxes and tariffs slow down the business and industrial activities, hence, long term policies for a period at least two years have to be implemented to put businesses in a better position wherein they were able to evaluate the cost of doing business and the export cost.

For more information, contact:
Director Press/Electronic Media and Public Relations
Karachi Chamber of Commerce and Industry (KCCI)
Aiwan-e-Tijarat Road, Off Shahrah-e-Liaquat,
Karachi-74000
Phone: +92-21-99218001-09
Fax: +92-21-99218040
Email: info@kcci.com.pk, secretary@kcci.com.pk
Website: www.kcci.com.pk

The post Ashfaq Tola for unity, political stability to pull economy out of crises appeared first on Business News Pakistan.

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Karachi, March 06, 2023 (PPI-OT): The 18th My Karachi – Oasis of Harmony International Exhibition concluded successfully here at the Expo Center with presentation of cheque worth Rs5 million to support the affectees of devastating earthquake in Turkiye, which was presented by the leadership of Businessmen Group and Karachi Chamber to Consul General of Turkiye Cemal Sangu at the Closing Ceremony of the exhibition.

Governor Sindh Mohammad Kamran Khan Tessori, Chairman Businessmen Group Zubair Motiwala, Vice Chairmen BMG Haroon Farooki and Jawed Bilwani, General Secretary BMG AQ Khalil, President KCCI Mohammed Tariq Yousuf, Senior Vice President Touseef Ahmed, Vice President Haris Agar, Chairman Special Committee for My Karachi Exhibition Muhammad Idrees, Senior Vice President FPCCI Suleman Chawla, Former President FPCCI Nasir Hayat Magoon and KCCI Managing Committee Members along with Consul Generals of Thailand, Indonesia, Sri Lanka, Turkiye and Presidents/ Representatives of Industrial Town Associations were also present on the occasion.

Speaking on the occasion, Governor Sindh Kamran Khan Tessori that despite extremely unfavourable conditions, it was really heartening to see immense participation of 300 exhibitors at My Karachi Exhibition including foreign participation from friendly countries including Turkiye, Indonesia, Sri Lanka, Thailand and Vietnam.

Referring to concerns expressed by Chairman BMG over numerous issues, he said that a clear direction has to be collectively identified in consultation with the business and industrial to resolve issues being suffered by the business community and the economy. “Our business and industrial community has the ability to arrive at the right destination but they have to be given shown the right direction leading to progress and prosperity.”

He was of the view that Pakistan was blessed with abundant resources and talent whereas everyone has been exhibiting complete determination so our country would be able to come out of crises and get back on the path to progress and prosperity. Appreciating KCCI’s support for the earthquake affectees of Turkiye, he said that it was highly encouraging that the business and industrial community of Karachi always takes lead by responding to natural calamities which not only strikes our country but any other country in any part of the world.

Turkish Consul General Cemal Sangu, while acknowledging KCCI’s contribution for minimizing the hardships being faced by Turkish people, said that millions of people inhabiting in eleven cities and thousands of small towns and villages in Turkiye were affected by the devastating earthquake. “We are very resilient and determined so with the help of your support, solidarity and prayers, we will overcome these difficult times”, he added.

Chairman BMG Zubair Motiwala, in his remarks, said, “Our hearts bleed with people of Turkiye who suffered a massive earthquake. Although the Pakistani government has established relief fund for the affectees of Turkiye and Syria while several other Pakistani organizations were also contributing generously to this noble cause, hence, we, the business community, also felt that it was our responsibility to participate in this noble cause so we are making a meager contribution to minimize the adversities of our brothers and sisters in Turkiye.”

Referring to economic crises being faced the country, he was fairly optimistic that Pakistan would certainly come out of the ongoing crises as the country has been through similar situation in 2008 and 2013 when the foreign reserves were down and Pakistan was facing severe economic challenges but all those challenges were efficiently tackled and Pakistan was able to touch new heights in terms of economic progress and prosperity.

He said that the presence of FPCCI and all Trade Association was a clear testimony that the entire business community of Karachi was on one page in dealing with numerous issues particularly the unnecessary liabilities being created including blocking the containers which exorbitantly raised demurrage/ detention charges and retrospectively raising gas tariff. “How can we afford such a high gas tariff being charged retrospectively for a period of one-and-a-half month”, he asked and requested the Governor to take up these matters by summoning a meeting at his Office as the cost of doing business and manufacturing has already gone up but these issues have further unnecessarily aggravated the cost of finished goods.

Commenting on My Karachi Exhibition, Zubair Motiwala said that around 300 exhibitors participated in this year’s My Karachi Exhibition in which the biggest foreign participation was from Sri Lanka, followed by Indonesia, Philippines, Thailand and Vietnam while some of the leading local manufacturers were also present at My Karachi Expo. “As compared to last year’s public turnover of more than 600,000, this year, around 4,50,000 visitors attended the exhibition due to erosion of buying power. The estimated sales of somewhere in between Rs400 to Rs500 million has been done by the exhibitors which still is a good number. The purpose is purely to facilitate the public and make shopping easier and affordable for them before Ramadan.”

While welcoming the distinguished guests, President KCCI Mohammed Tariq Yousuf pointed out that the exhibition, unfortunately, was unable to perform at full throttle due to ongoing severe economic crises and the inflation which discouraged many companies to set up stalls and also the public to carrying out their shopping. “I hope that next year when 19th My Karachi will be staged, the inflation would come down and the purchasing power of the public would also improve.”

He was of the opinion that the economic crises have worsened from bad to worst so everyone should think and understand that the way everything was happening; it was not in the interest of our country.

For more information, contact:
Director Press/Electronic Media and Public Relations
Karachi Chamber of Commerce and Industry (KCCI)
Aiwan-e-Tijarat Road, Off Shahrah-e-Liaquat,
Karachi-74000
Phone: +92-21-99218001-09
Fax: +92-21-99218040
Email: info@kcci.com.pk, secretary@kcci.com.pk
Website: www.kcci.com.pk

The post 18th My Karachi Exhibition concludes with presentation of Rs5 million cheque for earthquake affectees in Turkiye appeared first on Business News Pakistan.

The post 18th My Karachi Exhibition concludes with presentation of Rs5 million cheque for earthquake affectees in Turkiye appeared first on AsiaNet-Pakistan.