KARACHI: Commercial Attaché of the Republic of Turkiye Eyyup Yildirim has said that several Turkish companies have invested around $2 billion in numerous sectors of Pakistan’s economy
(more…)Category: Trade & Industry
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Banks refuse opening LCs despite condition withdrawal: KCCI
Karachi Chamber of Commerce and Industry (KCCI) in a statement issued on Thursday stated that banks are refusing opening the Letter of Credit (LCs) for import proceeds despite condition withdrawal by the central bank.
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FBR plans achieving annual target through broadening tax base
KARACHI: Federal Board of Revenue (FBR) is working hard to broaden the tax base for achieving Rs7.5 trillion collection target for fiscal year 2022/2023.
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Pakistan Customs to launch module to link international prices for updated valuations
KARACHI: Pakistan Customs is set to launch a module which will link with the international markets to reflect updated prices for making accurate customs valuations.
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Karachi Chamber demands deferring date for payment under Section 7E
Karachi: The Karachi Chamber of Commerce and Industry (KCCI) has urged the authorities to extend the deadline for payment under Section 7E of the Income Tax Ordinance, 2001.
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Karachi Chamber warns mass job cuts due to economic crisis
KARACHI: Karachi Chamber of Commerce and Industry (KCCI) on Friday warned the government of mass job cuts due to prevailing economic crisis.
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Pakistani exporters fear order cancellation
KARACHI: Now the situation is that the orders of the exporters are feared to be cancelled due to which Pakistan will lose its reputation in the global market.
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SITE Association demands dollar availability to avert industrial shutdown
KARACHI: SITE Association of Industry has demanded the government to ensure dollar availability for import of raw material and avert industrial shutdown.
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Kohinoor Spinning Mills stops production due to high cost
KARACHI: A spinning mill has stopped production due to high cost of production and economic downturn.
Kohinoor Spinning Mills Limited in a communication sent to Pakistan Stock Exchange on Wednesday said that due to prevailing global and economic downturn, overdue plant maintenance, high cost of production and low price and demand, it is not feasible to operation the production facility.
“Therefore, the management of the company has decided to temporary close/stop the production activities of the company with immediate effect,” the company said.
The management is hopeful that the current situation will improve in the first quarter of 2023 enabling the company to restart its operations.
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FPCCI, BoI to launch Invest Pakistan initiative
KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and Board of Investment (BoI) have agreed to form a Joint Consultative Working Group to help constitute and effectively operationalize an independent body called Invest Pakistan under the leadership of Prime Minister through Prime Minister’s Office (PMO).
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According to a statement issued on Monday, FPCCI President Irfan Iqbal Sheikh apprised that Invest Pakistan will ensure the policy advocacy initiatives with the support and full-backing of private-sector to promote and facilitate FDI in Pakistan. We have decided to lend a helping hand to make this initiative a success story in the broader national interest, he added.
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FPCCI Chief added that he has liked the initiative as its concept note entails giving up to 80 percent representation to private-sector on Invest Pakistan board and 51 percent equity or shareholding to private-sector. However, the exact modalities and ToRs will be worked out when the meetings of the working group take place, he added.
Suleman Chawla, SVP FPCCI, who co-chaired the meeting with Ms. Ambreen Iftikhar, Additional Secretary BoI, at the FPCCI Head Office, explained the Public-Private Partnership (PPP) frameworks have proven to be most successful the world over – be it promoting FDI or enticing private-sector investments. He added that PPP mechanism ensures first-hand knowledge and expertise on a sectorial-level from the business, industry and trade community.
READ MORE: KATI urges removal of regulatory duty on yarn
Ms. Ambreen Iftikhar outlined the objectives of Invest Pakistan intuitive as: (i) develop a new and innovative private partnership to facilitate, promote and convert FDI (ii) possibility of joint equity of Invest Pakistan between public and private sectors (iii) seat on the policy negotiation and decision-making forums to avoid disconnect between government institutions and the business community (iv) joint targeting of investment and customized resolution of binding constraints (v) Brand Pakistan through actual investment successes rather through verbose material.
READ MORE: Pakistan slaps 5pc regulatory duty on yarn import
It is pertinent to note that apart from its President and SVP, FPCCI has nominated three other of its prominent members to Joint Consultative Working Group; namely, Mian Nasser Hyatt Maggo, immediate past President FPCCI; Mr. Amjad Rafi, Chairman of Pakistan-Turkiye Joint Business Council of FPCCI and Mr. Jawaid Ilyas, Chairman of Pakistan-China Business Council of FPCCI.