Tag: FPCCI

KARACHI: Dr. Bandula Gunawardane, Minister of Trade of Sri Lanka, has stressed the need to improve bilateral trade with Pakistan above $1 billion from existing $450 million.

“The bilateral trade volume of approximately $450 million is grossly insufficient as compared to the true potential for the same,” the Sri Lankan trade minister said during his visit to Federation of Pakistan Chambers of Commerce and Industry (FPCCI).

READ MORE: FPCCI proposes charter to protect economy from politics

He expressed his resolve and offered his full support to take it to one billion dollars by the year 2024. He enlisted a number of areas to increase the exports to Pakistan; namely, various kinds of tea, natural rubber, coconut & coconut products, raw & processed fish, papermaking raw materials, gemstones, etc.

Gunawardane mentioned that Pakistan-Sri Lanka Free Trade Agreement (PSFTA) inked in 2005 has not achieved its real potential and needs to be revisited to make it more effective and result-oriented. He was optimistic that PSFTA can be widely expanded and updated to effectively kickstart an upward spiral in trade volumes and can translate into a multi-billion dollar phenomenon.

READ MORE: Banks not issuing forms for land trade with Turkey: FPCCI

Hanif Lakhany, VP FPCCI, has expressed his profound grief over the most unfortunate and gruesome Sialkot incident with a Sri Lankan national; and, respectfully acknowledged the Sri Lankan resolve and resilience to continue to cement the brotherly bilateral relations between the two historically significant strategic partner nations.

Hanif Lakhany added that Sri Lanka is the only country with whom we have trade surplus on a sustainable basis; and, therefore, it will always continue to be an important market for Pakistani business, trade, and industrial community.

He also pointed out that Sri Lanka should aggressively promote its wonderful destinations and tourism infrastructure to Pakistanis to broaden People-to-People (P2P) and Business-to-Business (B2B) linkages and relations. 

READ MORE: FPCCI suggests regulating cryptocurrencies in Pakistan

Suleman Chawla, FPCCI’s SVP-elect for 2022, stated that Pakistan happens to be the world’s largest tea importer at approximately $700 million per year; and, unfortunately, Sri Lankan share to that massive volume stands at merely 2%. He added that FPCCI will strive and facilitate Sri Lanka to enhance and multiply its tea exports to Pakistan. He proposed that the issue can be discussed while revising and expanding the PSFTA.

Engr. M.A. Jabbar, FPCCI’s VP-elect for 2022, mentioned that while bilateral trade volume of India & Sri Lanka is $4 billion and Pakistan & Sri Lanka is less than half a billion; both countries need to look into the marginal and sub-potential trade activities and for its core causes. 

READ MORE: FPCCI urges measures to overcome gas crisis

Abdul Rahim Jano, former SVP FPCCI & Group Chairman at Rice Exporters Association of Pakistan (REAP), discussed that he has found Sri Lankan business community and the government as very hospitable and welcoming during his fifty years of experience of dealing with them. He also enlightened the session with regards to the historic trade ties between Pakistani business community and Sri Lanka; and that, it has spanned over a century; dating back to erstwhile pre-partitioned India.

Zeeshan Shahid, Chairman of FPCCI’s Pak-Sri Lanka Business Council, proposed that Sri Lanka should consider importing motorcycles from the well-advanced motorcycle and motorcycle parts manufacturing plants in Pakistan, which are operating on a large-scale. He added that Pakistani motorcycles have tremendously gained in product quality over the years; and, given the fact, motorcycles are also widely used as the common man’s mode of transportation in Sri Lanka, just like Pakistan. Hence, it will be a win-win situation for both the countries.

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has proposed a charter to protect the economy from any political or policymaking unpredictability.

Acting President FPCCI, Khawaja Shahzeb Akram, proposed a non-political, inclusive, sustainable and legally-binding ‘Charter of Economy’ to forge an across the board contract and unflinching commitment towards economic growth, development and equality. He said that the aforementioned charter should encompass all sectors of the economy and all segments of the society.

READ MORE: Banks not issuing forms for land trade with Turkey: FPCCI

Akram in a statement on Thursday said that the draft of the Charter of Economy has been prepared by FPCCI with a high-degree of diligence, meticulous efforts, attention-to-detail, studying best-practices from across the globe and a thorough input from the business community from all sectors and segments of the economy.

FPCCI’s Acting Chief added that the aim of the charter is to protect the economy from any political or policymaking unpredictability; and, ensure provision of a business and economic environment where all investors, entrepreneurs, businessmen, traders and industrialists should feel confident and motivated to plan their businesses for the long-term.

READ MORE: FPCCI suggests regulating cryptocurrencies in Pakistan

There should be no fear of a rollback in tax holidays or waivers; no strains of erratic new or ad hoc taxation; no imposition of unfair regulatory regimes; no harassment, bribes or corruption; no unhealthy or uncompetitive governmental policies; no ludicrously expensive utilities and no unstable political environs that destabilize the business sentiments.

Acting President FPCCI stated that a country should reward investors, inventors, entrepreneurs, SMEs, employment generation activities, exporters & foreign-exchange-earners and taxpayers who actually run the country through their services and contributions.

READ MORE: FPCCI urges measures to overcome gas crisis

Akram maintained that all political parties; whether in the government or opposition; should single-mindedly support FPCCI’s proposal to have a Charter of Economy in the supreme national interest and to save the economy of Pakistan from the ever-yawning existential challenges. He added that all institutions of the state should also come together to support the all-out efforts for the rejuvenation of the national economy.

He explained that the real job of the government and all its institutions is to provide an enabling environment for the businesses; cut costs of doing business and support ease of doing business. Pakistan’s business community is resilient, capable and experienced enough to take care of the rest; and, produce enough business and economic activity to put Pakistan on a sustainable high-growth trajectory.

READ MORE: FPCCI demands consultations on planned mini-budget

Sultan Rehman, Coordinator FPCCI Head Office, emphasized that FPCCI is the apex representative body of the entire business, trade and industrial communities of Pakistan; and, it has the mandate, capability and experience to bring them all together to sit with all the stakeholders of the state to express their full support towards the proposed Charter of Economy.

KARACHI: The business community has resented the increase in power tariff by National Electric Power Regulatory Authority (NEPRA) and said it will burden the consumers, according to a statement issued on Saturday.

The businessmen panel (BMP) of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) condemned the NEPRAto raise power tariff by Rs4.3 per unit in Jan-2022 bills, saying the burden of power theft, mismanagement and inefficiencies cannot be shifted on to the consumers on the plea of fuel adjustment.

READ MORE: Banks not issuing forms for land trade with Turkey: FPCCI

Mian Anjum Nisar BMP chairman said that the high cost of doing business has proved to be dangerous for Pakistan’s industry, discouraging investment both in capacity and capability, calling for lessening the burden of heavy taxes on the power sector.

He asked the government to shut down all expensive oil-based power plants to ensure availability of cheaper energy for consumers. He lamented that the previous government did not pay heed to rehabilitation and maintenance of old power plants which caused several system constraints, inflicting heavy losses.

FPCCI former president said that the under-utilization of the efficient power plants due to the non-availability of RLNG can be avoided if the Ministry of Energy has timely assessed and managed the availability of RLNG. He asked the Ministry to play an active role in ensuring the supply of RLNG in a timely manner, so that it may not affect the operation of the efficient power plants. Thus, the inefficiencies of the power sector can be mitigated without passing it to the end consumers, he added.

READ MORE: FPCCI suggests regulating cryptocurrencies in Pakistan

This huge burden of cost on consumers is being put as the government could not arrange RLNG to run the plants. Owing to low supply of the imported gas, the less efficient plants were operated that generated costly electricity in the month of Nov 2021, which is not just, he added.

He said that the RLNG being the imported fuel can be managed through better supply chain management and accordingly impact of such mismanagement in the non-availability of RLNG cannot be passed on to the consumers, he argued.

Anjum Nisar said that constant hike in power tariff on the plea of fuel adjustment has pushed the electricity prices higher and added to the already soaring cost of trade and industry. Seeking the same competitive energy tariffs for domestic industries to capture the global market, he said that due to the high rates of electricity, power theft became rampant as the tariff was not affordable for the consumers.

While terming the increase in power tariff by Rs4.30 per unit as a shameful decision, he demanded of the government to withdraw the increase. The government’s decision to increase the power tariff by 4.30 rupees per unit is anti-industry act and the BMP strongly condemns dropping the electricity bomb on the poor masses and demands of the government to withdraw its decision.

READ MORE: FPCCI urges measures to overcome gas crisis

He urged the power ministry to identify system constraints and communicate targets to all the concerned departments to initiate up-gradation of transmission system on war footing. He called for completing all ongoing power projects well before time. He said production of hydel power has been increased while furnace oil price is constantly declining in the international markets.

Nisar said that business-friendly policies must be adopted as other neighboring countries of the region are giving to trade and industry.

The amount specified in trade policy should be utilized for the promotion of exports by giving incentives to the trade and industry and by exploring new markets, he suggested. The BMP Chairman said the electricity price in Pakistan is already on the higher side which is the main source of price-hike in the country.

READ MORE: FPCCI recommends interprovincial trade of sugar

He said provision of cheap electricity will help reduce production cost which would provide relief to the public. He said rising imports and widening trade deficit has posed a serious threat to economic growth and required to be tackled on priority basis.

He endorsed recommendations of National Electric Power Regulatory Authority, directing the government to include hydropower projects in the scope of renewable energy, as the country cannot afford to rely on costly and anti-environment fossil fuels.

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has expressed concerns over reluctance shown by banks for not issuing export and import forms for land-based trade with Turkey.

Mian Nasser Hyatt Maggo, President, FPCCI lambasted the bottlenecks being thrown in the way by the commercial banks through their reluctance to issue export forms (e-forms) and import forms (i-forms) for the land-based trade with turkey through train and trucks under transnational and UN-ratified TIR Convention on the false and fabricated pretext that it involves trade with a sanctioned country.

READ MORE: FPCCI suggests regulating cryptocurrencies in Pakistan

In a statement, FPCCI chief appreciated the public-private partnership in making Pak-Turkey cargo train service possible; and, commended the successful and timely completion of its first run. He appreciated the efficient operational coordination and integration of Pakistan Railways and private sector to make it possible; which will have a multiplier effect on bilateral trade volume of Pakistan with Turkey and Azerbaijan as well. 

President FPCCI also acknowledged and appreciated the historically relentless efforts of the FPCCI’s Pakistan-Turkey Joint Business Council (PTJBC) over the past twenty years to make the dream of Pak-Turkey land-based trade a realty; which will be cost-effective, time-saving and reliable.

READ MORE: FPCCI urges measures to overcome gas crisis

Mian Nasser Hyatt Maggo added that FPCCI had written a letter to Mr. Shaukat Tarin, Federal Minister of Finance & Revenue, in December 2021 to apprise him of the issue; but, unfortunately, no action has been taken as yet. He maintained that the business and trade community of Pakistan is very enthusiastic on the prospects of land-based trade with Azerbaijan and Turkey that they have heavily pre-booked the truck and train cargoes under TIR; whereas the initial truck-based cargoes under TIR have successfully reached Azerbaijan and Turkey in October 2021. 

Amjad Rafi, Chairman of FPCCI’s Pakistan-Turkey Joint Business Council (PTJBC) for the past twenty plus years, has demanded that the State Bank of Pakistan (SBP) should swing into action immediately, through the regulatory mechanism at its disposal, to make the commercial banks start playing their legally-binding facilitative role to issue trade documentation to the business and trade community of the country.

READ MORE: FPCCI recommends interprovincial trade of sugar

It will surely lead to larger volumes of bilateral trade with Turkey due to lower freight costs and timely deliveries in approximately 14 days instead of 30 days.

FPCCI Chief has proposed that the Government of Pakistan should form an empowered committee to look into the matter for a speedy resolution before anymore damage can be done. The proposed committee should be headed by FPCCI President, by virtue of post; and, representatives of the Ministry of Finance, the Ministry of Commerce, the State Bank of Pakistan (SBP) and National Logistics Cell (NLC).

READ MORE: FPCCI demands consultations on planned mini-budget

KARACHI: Businessmen Panel of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has rejected the increase in rates of petroleum products on the eve of the New Year.

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The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has urged the government to take steps towards the regulation and streamlining of cryptocurrencies within the country.

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KARACHI: Japan will provide full support and cooperation to the Federation of Pakistan Chambers of Commerce & Industry (FPCCI) for the promotion of trade and investment between Pakistan and Japan.

The assurance was given by Toshikazu Isomura, Consul General of Japan, on the occasion of the visit of the FPCCI delegation who called upon him at the Japanese Consulate, said a statement on Monday.

READ MORE: FPCCI urges measures to overcome gas crisis

The FPCCI delegation included Hanif Lakhany, VP FPCCI; Rameez Sattar, Chairman Pakistan-Japan Business Council (PJBC) of FPCCI; Sultan Rehman, Coordinator FPCCI Head Office Karachi and Pir Ijlal Zaidi & Arbaaz Rameez, Directors PJBC. Okamoto Yu, Head of Commercial Section was also present during the meeting.

Rameez Sattar presented to the Consul General detailed and comprehensive proposals for the acceleration of trade and investment between Pakistan and Japan.

READ MORE: FPCCI demands consultations on planned mini-budget

He discussed in detail the salient features of the proposal; identified opportunities for Japanese traders and the potential of export promotion of Pakistani products to Japan.

He also emphasized the need for frequent interactions of the business community of the two countries for confidence-building measures leading to expansion of trade and investment.

He offered to organize a virtual exhibition of Pakistani brands for the Japanese businesses to benefit from the enormous diversity of Pakistani fashion brands.

Hanif Lakhany recalled that Pakistan benefitted substantially from Japanese cooperation in the 1960s & 1970s and requested the Consul General to reactivate Japan-Pakistan cooperation for mutual benefit.

READ MORE: FPCCI recommends interprovincial trade of sugar

Sultan Rehman conveyed the greetings and best wishes to the Consul General and H.E. Okamoto Yu on behalf of Mian Nasser Hyatt Maggo, President FPCCI.

He informed the Consul General that the business community of Pakistan is ready and eager to expand economic and trade relations between the two countries at the earliest and FPCCI is willing to play its vital role.

He requested the Consul General to facilitate and support FPCCI in this regard. He also requested the Consul General for asking JETRO to play a proactive role as it made a very significant contribution in the past.

READ MORE: Digital mode to disrupt business transactions: FPCCI

Toshikazu Isomura, Consul General of Japan, appreciated the efforts of FPCCI and assured them of his full support and cooperation in the promotion of bilateral trade and investment.

He suggested having another meeting when the head of JETRO returns to Pakistan so he can be taken on board as well.