Karachi, May 03, 2018 (PPI-OT): President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Ghazanfar Bilour on Thursday said economic activities in Khyber Pakhtunkhwa province have badly affected by the prolonged security crisis. The economic revival is also hampered by poor infrastructure, some unfavourable policies and lack of interest on the part of authorities which should be reviewed, he said.
Ghazanfar Bilour said this while talking to a delegation led by Group Leader Senator Ilyas Bilour which included all the chambers and major trade associations of the province. Vice Presidents of FPCCI Atif Ikram Sheikh and Zahid Ullah Shinwari, Coordinator of FPCCI and UBG KP Haji Afzal, Chairman Coordination FPCCI Malik Sohail and others were also present on the occasion.
The FPCCI President said that mutual trade between Pakistan and Afghanistan has been nose-diving as both the countries have introduced a host of measures including taxes, regulatory duties and various requirements which has enhanced the cost of doing business at both sides of the border. At the occasion, the delegation from KP said that the business community of the province is facing step-motherly attitude of the authorities which should be noticed.
Imposition taxes and surcharges like RLNG, Gas Infrastructure Development Cess (GIDC) and non-provision of facilities guaranteed in the Constitution and impact of terrorism has brought the industry of KP to the verge, they added. KP is not only self-sufficient in gas production but producing 100 mmcfd of additional gas from its requirement thence the levy of RLNG in the province was unlawful, said Haji Afzal, former president SCCI and leader of the UBG.
Many industries have received notices to pay GIDC of the last eight to ten years which amount exceeds the value of the same industrial units which is impossible to pay, he said, adding that gas officials should avoid pressurizing the business community lest it results in closure of many businesses in the militancy-hit province creating issues of unemployment and reduced taxes.
Banks are not providing credit and proper banking facilities to KP despite collecting huge deposits which is discouraging the businessmen while they dubbed the recent federal budget as an election-oriented budget carrying political benefits instead of improving economy. The issue of refunds has also affected the growth of businesses in the province, they said.
The requirements for opening a bank account and that of collateral should be the same across the country, they added. A decision was reached during the meeting that all the chambers of KP will jointly decide about their support for the FPCCI presidential candidate. Issues like provision of plots for the business chambers, their buildings etc. were also discussed.
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Category: General Business News