Business community seeks govt’s attention to address challenges

ISLAMABAD: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) urged the government to support businessmen in discharging their tax liabilities, creating job opportunities and boosting exports.

FPCCI President Daroo Khan Achakzai said the government should look into the challenges being faced by the business community.

“We cannot come out of the present crisis until the business community is facilitated by the government,” Achakzai said, addressing the 7th FPCCI achievement awards ceremony.

FPCCI should be considered as partner of the government in utilisation of export development fund as it is generated from the export proceeds. He demanded of the government to improve ease of doing business and reduce cost as these two elements are instrumental in attracting domestic and foreign investments.

Pakistan’s global ranking in ease of doing business of the World Bank improved to a 136 out of 190 countries in 2018 as against 147 out of 190 countries in 2017. But it is still far behind its peers in the region. India ranked 77 out of 190 countries in 2018 compared to its ranking of 100 in 2017.

Businessmen feared the International Monetary Fund’s (IMF) loan program to open a floodgate of inflationary waves to escalate costs of doing business. Pakistan and IMF earlier this month announced a three-year extended fund facility program worth six billion dollars with conditions to increase taxes and cut in power sector’s subsidies. The business community is uncertain about the implications of the conditions.

An FPCCI official said the government agreed to economic slowdown, which would result in elimination of 0.6 million job opportunities.

FPCCI president expressed his anxiety over the continuous increase in utility charges.

Achakzai said the FPCCI would extend all possible cooperation and assistance, as a partner to the government in its endeavours to promote socioeconomic sector.

The FPCCI official said the government fulfilled its commitment of releasing the long stuck refunds claims to the exporters. The government released Rs50 billion to exporters under various export enhancement schemes of textile and commerce divisions, including the prime minister's export enhancement package, during the last fiscal year of 2018/19.

Achakzai underlined the importance of public-private partnership in exploring new avenues for promoting exports and investment.