The delegation of Karachi Chamber of Commerce and Industry (KCCI) met Finance Minister Ishaq Dar to business support. The Finance Minister reassured that the government is committed to supporting the business and industrial sector to ensure economic growth and stability in the country.
During a meeting held at the FBR Headquarters on Saturday, the Finance Minister exchanged views with a delegation from KCCI, led by Chairman Businessmen Group Zubair Motiwala.
The meeting was attended by Minister of State for Finance & Revenue Dr. Aisha Ghous Pasha, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha, Chairman RRMC Ashfaq Tola, Governor SBP Jameel Ahmed, Chairman FBR Asim Ahmed, and senior officers from the Finance Division and FBR.
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The KCCI delegation included Vice Chairmen BMG Anjum Nisar and Jawed Bilwani, President KCCI Mohammed Tariq Yousuf, Senior Vice President Touseef Ahmed, Vice President Haris Agar, Former Senior Vice President Ibrahim Kasumbi, Chairman Federal Taxation Subcommittee Abu Bakar Shamsi, Chairman Customs & Valuation Subcommittee Muhammad Arif, and Chairman Banking & Insurance Subcommittee Asim Aejaz.
Finance Minister Ishaq Dar praised the budgetary suggestions put forward by KCCI and emphasized the government’s commitment to addressing the challenges faced by the business and industrial community. He acknowledged that the country is facing severe crises, but stated that the present government cannot be solely held responsible, as they are working diligently to fulfill international commitments that were violated by the previous government.
He highlighted the difficult reforms that have already been implemented and assured that the bleeding is over. Minister Dar expressed his confidence that Pakistan will overcome the economic crises and outlined the government’s priorities, including timely external payments, agricultural revolution, a special focus on IT, and cooperation with the business community to address their reasonable demands.
Chairman BMG Zubair Motiwala, in his remarks, acknowledged the fiscal issues faced by the government and stated that KCCI’s recommendations have been carefully crafted to not require additional fiscal space.
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He highlighted the need to address problems related to foreign exchange availability for industrial production and the clearance of payments against imported consignments. Motiwala also called for a clear-cut policy and stricter regulation of banks to prevent arbitrary clearance of import documents.
Motiwala further emphasized the importance of enhancing exports and reducing the high cost of doing business. He expressed concern over the shift of orders to regional competitors like India and Bangladesh and urged the government to create a business environment that is competitive with these countries.
President KCCI Mohammed Tariq Yousuf stressed the importance of a tax-friendly environment and suggested the establishment of a committee or think-tank involving representatives from the business community to collectively work towards this goal.
The KCCI delegation thanked the Finance Minister for the meeting and expressed hope that their proposals would be incorporated into this year’s budget for the benefit of the country.
