ICCI – MediaLine Pakistan

April 15, 2023

ICCI Eid Shopping Festival kicks off in Islamabad

Islamabad, April 15, 2023 (PPI-OT):ICCI Eid Shopping Festival has kicked off in F-7 and F-10 Marakaz, which will continue till Chand Raat. The festival in both markets has been organized by the Islamabad Chamber of Commerce and Industry in collaboration with ICT Administration, MCI, concerned Market Associations and J7 Group to provide Eid shopping opportunities to the citizens at affordable prices. Irfan Nawaz Memon, Deputy Commissioner Islamabad along with President ICCI inaugurated the Eid Shopping Festival. The people took great interest in the festival as they got the opportunity of such activity after many years.

Speaking at the occasion, Irfan Nawaz Memon, Deputy Commissioner Islamabad lauded ICCI and other partners for organizing the Eid shopping festival as it would provide good shopping opportunities to the citizens. He said that traders are playing an important role in the economy and ICT Administration would cooperate in organizing such activities to promote trade activities.

Ahsan Zafar Bakhtawari, President, Islamabad Chamber of Commerce and Industry said that the purpose of the shopping festival is to facilitate the inflation-stricken people to do Eid shopping at discounted prices. He said that the festival would also provide good entertainment to the shoppers as it will include traditional food area, art and crafts corner, mehndi stalls, kids’ area, corporate stalls, live music stage, lucky draws, quizzes, laser lights, lighting displays. He hoped that the shopping festival would increase footfall of customers and provide a good chance to the traders to generate more business. He said that ICCI would organize a full-fledged Summer Festival in Islamabad, which would be held in all markets to facilitate the traders in promoting trade activities.

Engr. Azhar ul Islam Zafar, Vice President ICCI said that said that the trend of shopping festivals is on the rise in the world and hoped that the Eid shopping festival in Islamabad would provide good relief to the customers in Eid shopping in a festive environment.

Tahir Abbasi Chairman, Ahmed Khan President F-10 Market Association and Asad Aziz President F-7 Market Association said that the shopping festival would offer attractive prizes including Umra ticket to the winners besides offering good discounts on shopping. They thanked ICCI, ICT Administration, MCI and J7 Group for their cooperation and support to organize the Eid Shopping Festival in a successful manner.

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

April 8, 2023

ICCI urges Govt to resolve tax issues of furniture industry

Islamabad, April 08, 2023 (PPI-OT) :Engr. Muhammad Azhar ul Islam Zafar, Vice President, Islamabad Chamber of Commerce and Industry (ICCI) said that Pakistan has great potential to enhance the exports of furniture products by focusing on the furniture industry and urged that the government should resolve tax issues of this industry to facilitate its better growth.

He said that tax authorities and field formations of FBR are issuing notices to furniture showrooms/shops to register as Tier-1 retailers, which is not practicable for all furniture businesses and urged that the furniture showrooms/shops covering area less than 2000 square feet should be exempted from sales tax registration to ease their problems. He said this while addressing a delegation of Pakistan Furniture Association that visited ICCI led by its Chairman Zahid Hussain. Mian Muhammad Ramzan Convener ICCI Tax Committee, Khalid Chaudhry former Senior Vice President ICCI and others were present at the occasion.

Engr. Muhammad Azhar ul Islam Zafar said that the small furniture retailers should not be subjected to Sub-Sec-43A of Sec-2 of Sales Tax Act 1990 as they purchase furniture from unregistered manufacturers of the cottage industry and cannot provide input invoices. He said that those retailers who occupy even one square foot less area than 2000 sq. ft. are exempted, which creates an anomaly. He assured that ICCI would cooperate with the Pakistan Furniture Association in resolving key issues of the furniture industry.

Speaking at the occasion, Zahid Hussain, Chairman, Pakistan Furniture Association stressed that the government should introduce fixed sales tax of Rs.5000/month for furniture showrooms/shops covering area of above 2000 sq. ft. up to 5000 sq ft., Rs. 10,000/month for showrooms/shops covering area of above 5000 sq. ft. up to 10,000 sq. ft and Rs.15000/month for showrooms/shops covering area of above 10,000 sq. ft up to 15,000 sq. ft. He said that such a fixed tax regime would protect the furniture businesses from unnecessary harassment and facilitate better growth of their business activities.

Mian Muhammad Ramzan, Convener, ICCI Tax Committee said that the furniture showrooms/shops which are not part of a national or international chain store nor are they located in air-conditioned malls, should be excluded from the category of Sub-Sec-43-A of Sec-2 of Sales Tax Act 1990 and should be declared as cottage industry with inclusion in Tier-2 regime.

April 7, 2023

ICCI calls for Pak-Ethiopia PTA to boost bilateral trade

Islamabad, April 07, 2023 (PPI-OT):Ethiopia has strong economic ties with Turkiye and UAE and Ethiopia wants similar relations with Pakistan. China and India have good presence in Ethiopia and Pakistan should increase its presence in the Ethiopian market to explore the untapped land of Africa. Many Pakistani products including textiles, pharmaceuticals, cement have great potential in Ethiopia and the business community of Pakistan capitalize on this potential for exports. This was said by H.E. Jemal Beker Abdula, Ambassador of Ethiopia while addressing the business community during his visit to Islamabad Chamber of Commerce and Industry (ICCI).

Jemal Beker Abdula termed the visit of Pakistani business delegation to Ethiopia as Hijra Trade, which was very successful. He said that after the visit of the Pakistani delegation to Ethiopia, he received calls from many African countries including Somalia, Djibouti, and Kenya who showed interest in promoting trade ties with Pakistan. He said that Africa is endowed with great natural resources and close cooperation of Pakistan with Ethiopia would help it get better penetration in the African region for trade and exports. He said that a high-level delegation of Ethiopia is likely to visit Pakistan in near future that would further strengthen trade ties between the two countries.

Speaking at the occasion, Ahsan Zafar Bakhtawari, President, Islamabad Chamber of Commerce and Industry said that Pakistan and Ethiopia should sign a Preferential Trade Agreement (PTA) that would remove trade barriers and boost bilateral trade between Pakistan and Ethiopia. He said that the Ambassador should take up the PTA matter with Pakistan authorities and assured that ICCI would extend all possible cooperation in such efforts. He thanked the Ambassador and the Ethiopian authorities for giving warm reception and great hospitality to the ICCI delegation during its very successful visit to Addis Ababa from March 5-11, 2023.

Faad Waheed, Senior Vice President ICCI said that Africa is very important for Pakistan and the Pakistani private sector would like to develop strong business linkages with Ethiopian counterparts to get better access to the African market for business and investment.

Engr. Muhammad Azhar ul Islam Zafar, Vice President ICCI said that Pakistan has good potential to promote business relations with Ethiopia and hoped that the visit of the Ethiopian delegation to Pakistan would further expand trade relations between the two countries.

Khalid Iqbal Malik Group Leader, Zafar Bakhtawari, Sheikh Ejaz, Humayun Kabir, Muhammad Shabbir, Akhtar Hussain and others also spoke at the occasion and gave useful proposals for improving Pak-Ethiopia trade and economic ties.

March 25, 2023

ICCI calls for finalizing Food Standards in consultation with stakeholders

Islamabad, March 25, 2023 (PPI-OT): Ahsan Zafar Bakhtawari, President, Islamabad Chamber of Commerce and Industry said that the business community welcomes the establishment of Food Authority in Islamabad as it will ensure the supply of safe and unadulterated food to the citizens.

However, he emphasized that the Food Authority should finalize the food standards and laws in consultation with the stakeholders, which will yield better results for both sides. He said this while talking to Dr. Tahira Chairperson Islamabad Food Authority during her visit to Islamabad Chamber of Commerce and Industry.

Ahsan Zafar Bakhtawari said that the Islamabad Food Authority (IFA) should conduct awareness sessions in markets to educate and sensitize the business community of the food sector about food standards. He said that ICCI will cooperate with IFA for awareness sessions and is ready to provide its auditorium for this purpose. He said that a committee comprising representatives of ICCI and IFA should be formed to play a role in solving the problems of the food sector and move forward with consensus.

Speaking on the occasion, Dr. Tahira, Chairperson, Islamabad Food Authority said that the aim of her authority is to ensure the availability of quality food to the citizens and hoped that the business community of the food sector would cooperate in achieving this goal. She said that the business community of the food sector, including restaurants and bakeries, will be provided comprehensive guidance about food safety measures to save them from fines and punishment. She hoped that the business community would provide all possible support in advancing the mission of IFA.

Azhar ul Islam Zafar, Vice President ICCI, said that ICCI should first be taken on board about any complaint against any restaurant, bakery or any trader so that such issues can be solved with joint efforts and food interests of citizens can be better protected.

Zafar Bakhtavari former President ICCI, Khurram Khan President Islamabad Restaurant Association, Ajmal Baloch President Anjuman Tajaran Pakistan, Khalid Chaudhry, Haji Mumtaz Ahmed, Saqib Abbasi, Ashar Hafeez, Saifur Rehman Khan, Khawaja Junaid, Umar Riaz, Muhammad Yahya, Rohail Butt Shikarpuri, Muzaffar Hashmi and others also spoke at the occasion and emphasized the need for taking business community on board for enforcement of food standards.

The post ICCI calls for finalizing Food Standards in consultation with stakeholders appeared first on Business News Pakistan.

March 23, 2023

Dr. Jamal Nasir assures to further reform healthcare system in Punjab

Islamabad, March 21, 2023 (PPI-OT): Dr. Jamal Nasir, Minister for Primary and Secondary Healthcare Department, Government of Punjab said that efforts are being made to further reform and strengthen the critical aspects of the healthcare system in Punjab in order to deliver better quality healthcare services to the community. He said that the healthcare system would be made more efficient and effective in terms of service delivery that should be easily accessible, affordable and sustainable. He said this while addressing a dinner reception hosted in his honour by Zahid Bakhtawari, Chairman, Pakistan Chemists and Druggists Association Punjab.

Dr. Jamal Nasir said that drugs rules are being reviewed to facilitate the pharmaceuticals manufacturers and save them from unnecessary and unjustified fines. He assured that every effort would be made to protect the dignity and respect of the business community of pharma trade and increase their importance in the society.

Liaquat Ali Chatha, Commissioner Rawalpindi in his address said that all delayed development projects including the Rawalpindi Ring Road project would be completed within the stipulated time period. He further said that the Ring Road project is a game changer and very important for the people of twin cities, which would provide ample employment opportunities, besides promoting business activities.

Speaking at the occasion, Ahsan Zafar Bakhtawari, President, Islamabad Chamber of Commerce and Industry briefed the Minister about the key issues of the business community of pharma trade and hoped that he would take measures to address them. He said that druggists and chemists are rendering great services to the community by providing them needed medicines and said that the drugs rules should always be amended in consultation with them as unilateral amendment in such rules often creates problems in promotion of trade activities.

Waqar Bakhtawari, President, Chakwal Chamber of Commerce and Industry said that Dr. Jamal Nasir had established Gymkhana clubs in Faisalabad, Gujrat and other cities during his employment and said that he should also play a role in establishing a Gymkhana club in Chakwal.

Zahid Bakhtawari Chairman PCDA Punjab, Zafar Bakhawari Secretary General UBG, Abid Bakhtawari Chairman Islamabad Citizens Forum and others also spoke at the occasion and said that pharma trade related legislation without consultation mostly creates numerous problems, therefore, stakeholders should always be taken on board on such moves to achieve win-win outcomes.

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March 19, 2023

ICCI demands cut in SBP interest rate to revive economic activities

Islamabad, March 19, 2023 (PPI-OT):
Ahsan Zafar Bakhtawari, President, Islamabad Chamber of Commerce and Industry (ICCI) has that the 20 percent benchmark interest rate in Pakistan is highest in the Asia, which is a major hurdle in promoting trade and industrial activities in the country and urged that the SBP should make significant cut in interest rate to revive the businesses and economy. He said that the interest rate in China is 3.65%, Bangladesh 6%, India 6.5% but in Pakistan it is 20%, which is highest in the whole Asian region. He said this while addressing a dinner reception hosted in honour of Sardar Tahir Mahmood, President, Islamabad Estate Agents Association.

Ahsan Bakhtawari said that the historic hike in interest rate has made the credit cost unaffordable for the private sector due to which business and investment activities are badly suffering. He stressed that the government should address the concerns of the business community on high interest rate and high taxes on the construction sector to ease their problems.

Speaking at the occasion, Sardar Tahir, President, Islamabad Estate Agents Association said that the construction industry is the backbone of the economy as its growth boosts the business activities of over 70 allied industries. However, the construction industry is in big trouble these days due to high interest rate, higher taxes and devaluation of the rupee. He stressed that the Finance Minister Ishaq Dar should hold a meeting with the business community of the construction industry to listen to their genuine issues and take urgent remedial measures to revive the economy.

Zafar Bakhawari, former President ICCI said that Pakistan is facing a serious issue of foreign exchange reserves due to which imports are banned and said that the best option for Pakistan to improve forex reserves is to boost exports on an urgent basis. He said that for this purpose, it is essential that the government should promote ease of doing business by reducing the cost of doing business.

Sardar Yasir Ilyas Khan, former President ICCI said that the government’s policy of increasing interest rate to control inflation has failed miserably. He said that instead of controlling inflation, high interest rate would lead to rapid de-industrialization causing more slowdown in GDP growth. He urged that the SBP should reconsider its monetary policy and reduce interest rate to make it affordable for businesses.

Muhammad Ejaz Abbasi former President ICCI, Zahid Rafiq Secretary General Islamabad Estate Agents Association, Ch. Masood, Ch. Nadeem ud Din, Tahir Abbasi, Abid Khan, Muhammad Naveed Malik, Sai fur Rehman Khan, Baber Chaudhry and others also spoke at the occasion.

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March 15, 2023

ICCI for focusing on Lithuania to promote exports with EU market

Islamabad, March 15, 2023 (PPI-OT): Faad Waheed, Senior Vice President, Islamabad Chamber of Commerce and Industry said that Lithuania is an important economy of the European Union and Pakistan should focus on it to promote trade and exports with the EU market. He said that Lithuania’s annual imports are over USD 30 billion and Pakistan has a good opportunity to export many products to Lithuania including pharmaceutical products, electrical equipment, plastics and articles.

He said this while talking to H.E. Ricardas Degutis, Ambassador of Lithuania, based in Turkiye, during his visit to Islamabad Chamber of Commerce and Industry. Ms. Vaida Stankeviciene Deputy Head of Mission and Masud Khan Honorary Consul General of Lithuania in Pakistan also accompanied him at the occasion.

Faad Waheed said that Pakistan and Lithuania have good potential to cooperate with each other in agriculture, science and technology, information technology, industrial sector and other fields to share expertise with each other and achieve mutually beneficial outcomes.

He said that many sectors of Pakistan’s economy offer great prospects for foreign investment including oil and gas, mines and minerals, energy, automobile and stressed that Lithuanian investors should explore investment and JVs in Pakistan. He said that Lithuania should open its embassy in Pakistan that would help boost trade and economic relations between the two countries.

Speaking at the occasion, H.E. Ricardas Degutis, Ambassador of Lithuania said that the bilateral trade between Lithuania and Pakistan is quite low which can be improved by promoting business linkages between the private sectors of both countries.

He said that Lithuania is exporting many products including machinery, furniture, bedding and mattresses, mineral fuels and oils, electrical machinery, vehicles and miscellaneous chemical products and many of them can be exported to Pakistan.

He said that Lithuania is now investing more in Life Sciences which offers a good opportunity for collaboration with Pakistan. He said that Lithuania is planning to organize a Life Sciences Conference in September this year and invited Pakistan professionals to attend it.

Engr. Muhammad Azhar ul Islam Zafar, Vice President ICCI emphasized the regular exchange of trade delegations to explore new areas of mutual cooperation between Pakistan and Lithuania. Masud Khan Honorary Consul General of Lithuania in Pakistan, Ch. Javed Iqbal, Hamayun Kabir, Ch. Muhammad Ali, Ms. Munizeh Majid, Rizwan Chheenah and others also spoke at the occasion and shared useful ideas for enhancing trade and economic relations between Pakistan and Lithuania.

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