KARACHI: Engr. Daroo Khan Achakzai, President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has urged the government to resolve the long outstanding issue of Gas and Infrastructure Development Cess (GIDC).
The issue should be resolved in consultation with the key stakeholders and FPCCI so that the element of uncertainty that has been prevailing in both the investors – local and foreign – is removed.
The FPCCI chief elaborated that the former government instead of utilizing the Cess revenue on building infrastructure of gas pipelines as originally intended by the GIDC Act 2015, irresponsibly used the Cess on CNG stations, Metro projects, curtailing the budget deficit etc.
He added that the misuse of GIDC is resulted in cost of doing business of the indigenous industries thus rendering them uncompetitive both in local and global markets and at the verge of collapse.
Engr. Daroo Khan Achakzai recalled that the gas prices in Pakistan, as compared to its regional competitor countries like Bangladesh, India, Vietnam etc., is much higher and with an additional cost of GIDC it would only add to the woes of the business community.