FPCCI not to com­pro­mise on in­ter­ests of busi­ness­men

The Pak Banker - - NATIONAL -

The Fed­er­a­tion of Pak­istan Cham­ber of Com­merce and In­dus­try (FPCCI) Pres­i­dent Ab­dul Rauf Alam on Mon­day said the Apex cham­ber will co­op­er­ate with the govern­ment at ev­ery level with­out com­pro­mis­ing the in­ter­ests of busi­ness com­mu­nity.

He said that govern­ment has achieved eco­nomic sta­bil­ity and now time has come to push for pri­va­ti­za­tion and re­form­ing pub­lic sec­tor en­ter­prises while pre­fer­ring growth over sta­bil­ity to im­prove ex­ports, rev­enue and jobs. Ab­dul Rauf Alam said this while speak­ing at a din­ner hosted by Sec­re­tary Gen­eral UBG Zubair Tu­fail in hon­our of UBG Chair­man Iftikhar Ali Malik, UBG Pa­tron-in-Chief SM Muneer and oth­ers.

FPCCI has co­op­er­ated a lot with the govern­ment in last one year, now au­thor­i­ties should take busi­ness com­mu­nity in con­fi­dence be­fore tak­ing eco­nomic de­ci­sions with­out which the suc­cess of such moves re­main un­cer­tain, he de­manded. He said that growth rate, forex re­serves and cur­rent ac­count deficit sit­u­a­tion has im­proved while large scale man­u­fac­tur­ing has picked up but is­sue of re­funds, ex­panded tax base and re­forms in the bleed­ing cor­po­ra­tions are yet to be ad­dressed.

Pak­istan's tax ca­pac­ity is over 22 per­cent of the GDP but the rev­enue gas is al­most 11 per­cent which is un­sus­tain­able, said Ab­dul Rauf Alam adding that bridg­ing the tax gap can help coun­try re­solve all prob­lems in­clud­ing de­pen­dence on do­mes­tic and for­eign loans.

Laud­ing the en­ergy pol­icy of the govern­ment, he said in­cum­bent ad­min­is­tra­tion is try­ing hard to en­sure de­pend­able sup­ply of elec­tric­ity but it should also ini­ti­ate re­forms and upgra­da­tion as the na­tional grid tripped twice within few days plung­ing two provinces into dark­ness. The govern­ment should also con­sider over­haul­ing power bu­reau­cracy which is slug­gish in re­sponse and hold those re­spon­si­ble for neg­li­gence as they are pun­ish­ing masses and busi­ness com­mu­nity. He de­manded of the govern­ment to im­me­di­ately re­duce pe­tro­leum prices as in­ter­na­tional price is at the low­est in last three decades.

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