AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
KARACHI: The Karachi Chamber of Commerce and Industry (KCCI) and the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) have pledged to collaborate for the revival and stability of Pakistan’s economy. This decision was made during a high-level meeting held at KCCI, where leaders from both chambers emphasized the need for collective action and cooperation among trade bodies to address the country’s economic issues.
Rehan Hanif, President of KCCI, and Saquib Fayyaz Magoon, Senior Vice President of FPCCI, highlighted common challenges faced by the business community. They urged for a united voice to resolve issues and attract the attention of policymakers. Hanif pointed out the unresolved matter of Port Qasim’s industrial land and criticized the impact of Section 7E of the Income Tax Ordinance on the real estate sector.
Hanif also called for a unified demand for an electricity tariff of 9 cents per kWh and expressed concerns over stagnant export levels. He stressed the importance of boosting export competitiveness through collective efforts.
Magoon emphasized the significance of the meeting, advocating for greater collaboration between FPCCI and KCCI. He called for formal consultation with the business community before finalizing the federal budget and urged chambers across Pakistan to align and devise a joint action plan.
Both leaders reiterated their shared views on policy concerns, including the implementation of e-invoicing and the FATA/PATA tax regime. They called for a single unified voice to address these challenges.
Addressing the Dangerous Petroleum Licence issue, Magoon assured that FPCCI is working with authorities to resolve it. He also raised concerns over the potential increase in sales tax on indenting commission services, warning that it could discourage foreign-exchange inflows.
The meeting concluded with a strong resolve to work together in strengthening Pakistan’s economy and ensuring the business community’s concerns are addressed effectively.