Day: February 16, 2023

Karachi, February 16, 2023 (PPI-OT):While expressing deep concerns over Rs170 billion taxation measures announced in the Mini Budget in a bid to implement IMF’s prior action to resume IMF-EFF program for subsequent release of $1.2 billion tranche which, under the current serious crises of balance of payment, might be a step that cannot be averted but at the same time, President Karachi Chamber of Commerce and Industry (KCCI) Mohammed Tariq Yousuf stated that this Mini Budget along with upsurges in petroleum and gas prices would further worsen the inflation and the economy, besides exerting unbearable pressure on common man and the businesses who will go into severe crises due to one percent increase in GST, swelling petroleum products’ prices and massive hike in gas tariff.

“The decision to raise GST from 17 percent to 18 percent would make all the goods expensive for poor masses who were battling every day to earn some bread and butter whereas the industries and businesses, which were already underperforming due to various issues, will not be able to sustain the impact of anti-business measures announced in the mini budget”, he said in a statement issued.

Tariq Yousuf feared that the economic slowdown would further deepen on account of massive hikes in petroleum and electricity prices, especially for export-oriented sector the withdrawal of subsidies would raise electricity prices by around 80 to 85 percent which for the export industry would be lethal. “This definitely needs to be revisited by visualizing the injury it can cause to the export-oriented sector.”

“Federal Govt has already notified a massive hike in gas prices by up to 112 percent and even, gas price for general industry has been increased by 35 percent, which will inflate the cost of doing business in Pakistan’s manufacturing sector. The large-scale Manufacturing has already nosedived to 3.5 percent in Dec 2022, marking the sixth monthly fall in the current fiscal year”, he said, adding that consequently, Pakistan’s Regional Competitiveness has been deteriorating as compared to India and Bangladesh, negatively affecting Pakistan’s economic growth which has been predicted by international agencies to go below the 2 percent mark in FY23 as compared to 5.97 percent last year.

He was of view that the situation would lead to a massive hike in the inflationary pressure, which is likely to be countered through an increase in the interest rates to 19-20 percent by the State Bank. As a result, the country experiences the worst phase of stagflation, leading to a hit on Pakistan’s macroeconomic and revenue growth negatively and exposing vulnerabilities going forward in FY23.

“Consequently, it is unlikely that such measures could bridge the net tax collection as tax collection is in terms of rupee which has depreciated by 20 percent so at the import, FBR would be able to collect 20 percent more in rupee terms so if they even succeed in surpassing the target, the actual tax collection would be lower. As this is not the budgeted revenue which has come out of rupee depreciation, we would like to request that this revenue should not be treated as tax revenue for FBR and the government should seal the dollar value at import stage for evaluating duties let’s say for example at Rs230 which would certainly help in controlling the inflationary trends.

President KCCI pointed out that CPI inflation has already skyrocketed to 27.55 percent for January 2023 as compared to 13 percent last year and now with increase in GST, POL and Gas prices, the domestic food prices would go up to the next unbearable level which would increase the hardships for the masses. “Keeping in view the current development, we hear that the inflation may even jump up to somewhere in between 35 to 40 percent in FY23 which would negatively affect the purchasing power of the public.”

He said that the Federal Govt has proposed an increase of GST to 18 percent sales tax on locally produced coal and increase in FED by Rs0.5 on cement from Rs1.5 per kg to Rs2 per kg which will obviously be passed on to final consumers and would negatively affect industrial and construction activities and the economic growth. Commenting on federal Government’s proposal to increase 20 percent or Rs 50,000 (whichever is higher) tax on one business or a first-class air ticket, he said that this needs to be clarified.

He appreciated government’s move to increase funds to Rs400 billion for Benazir Income Support Program (BISP) and keeping the wheat prices intact under difficult financial conditions and limited fiscal space. Referring to the decision to enhance Federal Excise Duty (FED) rates on cigarettes, he said that this was also a welcome step which will raise around Rs115 billion.

“The increase in FED by 10 percent on Sugary fruit juices, syrups, squashes, artificial sweeteners, etc. and 25 percent GST on the imported luxury items also need to be appreciated which will restrict the country’s unproductive imports and save the desperately needed dollars”, he said. He said that the Karachi Chamber fully supports Finance Minister Ishaq Dar’s remarks about the need for Charter of Economy in which all the political leaders should sit together and vow to play role in strengthening the economy irrespective of their party affiliations.

“At the same time, when we understand the requirement of this mini budget, we also would like to see some positive pragmatic and futuristic steps for short, medium and long term. Our saviour lies only in increasing the exports and home remittance. Export can only increase if we have competitive edge and this competitive edge can only be achieved if the exporters are supported in terms of cashflow, long term investments, BMR and in terms of efficient productivity and for that purpose, energy, which is the basic raw material for any industry, needs rationalization”, said President KCCI, “In order to make exports competitive in the world market and win the price-war, it is imperative that we make policies which can make exporters of Pakistan competitive.”

He suggested that that Sales Tax Refunds should be given within 72 hours as implemented under FAST System and the rates of refinance and long term financing facility should also be reduced while a special window for cashflow should also be initiated and in order to increase the home remittances which are the biggest source for foreign exchange, the government should follow the footsteps of other countries where higher rates than the normal market rates are offered to those who send remittances from abroad which would actually enhance inflow of remittance by US$5 to US$10 billion.

Similarly, the import-substitution industry needs to be supported and so that import is curtailed and of course the conservation measures to reduce the oil bill also need to be taken on urgent basis. Conservation of electricity and conservation of fuel is also required in such a manner that fuel given to bureaucracy and others be curtailed to half and even and odd number vehicles should be allowed each day on the roads and green energy should be promoted to reduce the import bill of fossil fuels in a medium term, he added.

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 Supplementary Finance Bill 2023: Mini Budget may further worsen inflation and economy, exert unbearable pressure on businesses, common man: KCCI appeared first on Business News Pakistan.

Lahore, February 16, 2023 (PPI-OT):National Transmission and Despatch Company Limited has issued appointment letters to 12 sons and daughters of the company’s deceased employees under Deceased Employee Children quota (In-service Death Category). Managing Director NTDC, Engr. Dr. Rana Abdul Jabbar Khan gave away the appointment letters to the 12 individuals (BPS- 5 to BPS-15), during a ceremony held at WAPDA House Lahore, today.

Speaking on the occasion, MD NTDC, Engr. Dr. Rana Abdul Jabbar Khan said that welfare of the employees is the top priority of the company. He expressed hope that the newly appointed employees will make best use of their abilities for the improvement of NTDC, following the example of their late parents. He directed the GM (HR) to make an effective strategy for the employment of individuals under Deceased Employee’s Children Quota and payment of death compensation be ensured on urgent basis to the family of the deceased.

New appointees include: Muhammad Zohaib Awan (Assistant), Rana Muhammad Usman (ASSA), Shehryar (ALM), Numan Abbas (ALM), Quveen Ahmad (ASSA), Ansa Kousar (Junior Clerk), Iqrar Abbas (ALM), Khuram Shahzad (SSO-II), Hafiz Shehriyar (Junior Clerk), Rana Muhammad Abubakar (LS-II), Javaria Noreen (Naib Qasid) and Muhammad Musharaf (ALM).

GM (HR), Syed Mukkarram Hussain Jafri, GM (AM) North, Anwar Ahmed Khan, Chief Engineer (AM) North, Engr. Muhammad Rafeeq and other senior officers were also present during the ceremony. Later, Fatiha was also offered for all deceased employees of the company.

For more information, contact:
Director Media and PR, NTDCL
National Transmission and Despatch Company Limited (NTDCL)
221 WAPDA House Lahore, Pakistan
Tel: +92-42-99201020, +92-42-99202211 Ext: 2286
Cell: +92-321-478251
Fax: +92-42-99210894
Email: itdir@ntdc.com.pk
Website: http://www.ntdc.com.pk/

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Islamabad, February 16, 2023 (PPI-OT):First-ever high-rise in the diplomatic enclave, constructed by a consortium of reputed developers has been inaugurated. The will be one of the most iconic buildings in the Federal Capital having hundreds of luxury residential apartments, showrooms, shops, play areas, restaurants, etc.

The environment-friendly project will also have swimming pools, a fitness center, a movie theatre, and other facilities. Talking to reporters, Atif Ikram Sheikh, Chairman of Mujahid Group and former VP FPCCI said real estate is a growing sector to meet the needs of residential and commercial consumers.

Therefore, the landscape of real estate development has been changing and a lot of innovations are taking place which is attracting investors. He said that Rhodium Residencia is a project that embodies all these aspects and is being completed despite many economic challenges and infrastructural obstacles.

He said that he would like to thank consortium partners including Potohar Group, Sardar Group, Nova Group, and Fazal Steel for playing a very critical role in the project and their foresight guaranteeing the satisfaction of stakeholders and making the initiative stand out in the market.

The utmost satisfaction of local and international customers is at the heart of our business model as all our partners are committed to delivering high-quality products to our valued customers at a competitive price, Atif underlined. Real estate investment is a very effective antidote to rapid inflation and our project will offer one of the highest rental yields.

For more information, contact:
Atif Ikram Sheikh
Ex. Chairman PVMA, Former VP, FPCCI,
Former President ICCI, Former President HCCI,
Tel: +92-51-4437597, 4440772
Fax: +92-51-4440773

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Lahore, February 16, 2023 (PPI-OT):Moazzam Ghurki, President Pakistan-China Joint Chamber of Commerce and Industry (PCJCCI) pledged that after the successful working of Pakistan-China Knowledge Portal and Pakistan-China Technology Portal we are working on establishing an online Pakistan-China Youth Portal soon.

Speaking at a think tank session held at the PCJCCI premises yesterday he maintained that technological advancement for human resources development is the prime agenda of PCJCCI and through this youth portal we will connect the young entrepreneurs and students of both countries for the exchange of contemporary knowledge and job opportunities. He also added that self-employment and freelancing could be extremely helpful for the stability of our youth.

Fang Yulong, Senior Vice President PCJCCI stressed that this project would be initiated in collaboration with China, and the purpose would primarily be the transfer of redundant technology, skills, youth interaction, exchange of culture and job opportunities from China. He promised to step up the pace of technological advancement in Pakistan through Chinese cooperation.

Hamza Khalid, Vice President PCJCCI said that the acquisition of appropriate technology from China in the field of freelancing, and connecting youth for the exchange of contemporary knowledge, Chinese and Urdu language courses, scholarship programs would be the prime motives of this portal. Apart from this, these courses will convey contemporary knowledge and information related to various sectors which include electronic and automotive advancement, insurance, agriculture, textiles, shoe manufacturing, chemicals, battery recycling plant and real estate advisory,” he explained.

Salahuddin Hanif, Secretary General PCJCCI also added that PCJCCI is also planning to establish a state-of-the-art Chinese information and material center that would be executed in two phases. The first phase involves establishment of a display centre and the second phase involves the transfer of production facility from China to Pakistan.

For more information, contact:
Media Manager,
Pakistan China Joint Chamber of Commerce and Industry (PCJCCI)
Mega Tower, 309 – 6th Floor, Main Boulevard, Gulberg II,
Lahore, Punjab – Pakistan
Tel: +92-42-35777460-02, +92-42-37032203, +92-42-35874353
Fax: +92-42-35777524
Cell: +92-324-4925611
Email: info@pcjcci.org
Website: www.pcjcci.org

The post PCJCCI keen to setup Pak-China Youth Portal appeared first on Business News Pakistan.

Islamabad, February 16, 2023 (PPI-OT):Ahsan Zafar Bakhtawari, President, Islamabad Chamber of Commerce and Industry leading a delegation met with Raja Pervez Ashraf, Speaker National Assembly and discussed with him the plan of establishing an industrial zone in Chakwal. Waqar Zafar Bakhtawari, President, Chakwal Chamber of Commerce and Industry, ICCI former presidents Khalid Iqbal Malik and Zafar Bakhtawari as well as Saif ur Rehman Khan and others were included in the delegation.

Addressing the delegation, Speaker National Assembly Raja Pervez Ashraf appreciated the proposal of industrial estate in Chakwal and assured his cooperation and support for this important project. He said that the business community should arrange the land for the industrial zone and the government will cooperate in providing the necessary infrastructure. He lauded the efforts of the business community to promote economic activities and assured his cooperation to resolve their key issues. He said that the business community is playing a key role in the economic development of the country and the government is determined to promote ease of doing business for them. He also discussed other matters of mutual interest with the delegation.

Speaking on the occasion, Ahsan Zafar Bakhtawari, President, Islamabad Chamber of Commerce and Industry said that the economy can be brought out of the current challenges only by boosting exports and promoting industrialization. He said that the government should speed up the work on the industrial zones under CPEC and cooperate with Islamabad and Chakwal Chambers of Commerce for setting up an industrial zone in Chakwal, which will help promote industrial activities and increase exports. He invited Raja Parvaiz Ashraf to attend an important event of the Chamber as a special guest which will be organized during this month.

Waqar Zafar Bakhtawari, President, Chakwal Chamber of Commerce and Industry said that due to its proximity to the twin cities and the airport, Chakwal is the most suitable place for the industrial zone, so the government should fully support the implementation of this project. He said that the industrial zone in Chakwal will start a new era of development in the area and create a lot of jobs for the youth.

Former President ICCI Khalid Iqbal Malik, said that the best solution to Pakistan’s economic problems lies in promoting businesses, exports and investment, so the government should cooperate with the business community in this regard. He said that the business community is the key stakeholder in the economy and the government should formulate economic policies in consultation with them, which will yield positive results. Zafar Bakhtawari, Saifur Rahman Khan and others also spoke at the occasion and gave useful suggestions for better promotion of business activities.

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

The post Raja Pervez Ashraf assures support for Industrial Zone in Chakwal appeared first on Business News Pakistan.