FPCCI not to compromise on interests of businessmen

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.