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  • Business community welcomes appointment of new Army chief

    Business community welcomes appointment of new Army chief

    KARACHI: Business community has welcomed the appointed of General Syed Asim Munir as the new Army chief of the country.

    In a message on Thursday Korangi Association of Trade and Industry (KATI) Patron-in-Chief SM Muneer, President Faraz-ur-Rehman, CEO of KITE Limited Zubair Chhaya, Senior Vice President Nighat Awan, Vice President Muslim Mohammadi along with the Executive Committee members welcomed the appointment of General Syed Asim Muneer as Chief of Army Staff and Lt General Sahir Shamshad Mirza as Chairman of Joint Chiefs of Staff Committee by the Prime Minister Shehbaz Sharif.

    READ MORE: APTMA demands restoring controversial SRO for sales tax refunds

    SM Muneer acknowledges the services of the outgoing Army Chief General Qamar Javed Bajwa and said that he made Pakistan proud as the army chief.

    Paying tribute to Qamar Javed Bajwa, SM Muneer said that the credit goes to him for the historic achievements of removing the country from the gray list of FATF, and hunting down India’s fighter jet invading Pakistan territory.

    READ MORE: PYMA urges government not to impose regulatory duty on yarn

    SM Muneer said that Syed Asim Munir is the best choice for Army Chief and has an excellent professional career.

    President KATI Faraz-ur-Rehman said that the newly elected Army Chief General Asim Muneer was top in seniority among the four-star generals, he headed important departments like Corps Commander Gujranwala, ISI and Military Intelligence and showed high service.

    READ MORE: Industries threaten mass protest against gas supply shutdown

    President KATI said that the new army chief is a credible figure in the Pakistan Army and the nation has hopes high for him. Faraz-ur-Rehman further said that General Asim Muneer will be the first Army Chief to be awarded the sword for superior performance during training, while he set a new example by memorizing the Holy Quran at the age of 38 as a colonel.

    Rehman further said that after the best decision by the Prime Minister of Pakistan, there is hope that the political crisis will end in Pakistan and the country will move towards economic stability.

    READ MORE: Pakistan organizes first international housing expo next month

    Zubair Chhaya, CEO of KITE Limited welcomed the appointment of General Syed Asim Muneer as Chief of Army Staff and Lt. Gen. Sahir Shamshad Mirza as the Chairman of Joint Chiefs of Army Staff and said that Lt. Gen. Sahir Shamshad Mirza has been related to Sindh. Mirza fought and eliminated the terrorists in North Waziristan. Lt. Gen. Sahir Shamshad Mirza also played an important role in intra-Afghan negotiations.

  • KATI suggests Pakistan, Sri Lanka trade in local currency

    KATI suggests Pakistan, Sri Lanka trade in local currency

    KARACHI: Korangi Association of Trade and Industry (KATI) Monday suggested Pakistan and Sri Lanka should trade in local currency to ease pressure of exchange rate.

    KATI President Faraz-ur-Rehman said that both countries can avoid foreign exchange pressure by trading in local currency. Trade delegations should be formed to increase trade. In this regard, cooperation between the businessmen of the two countries is much needed.

    READ MORE: No tax amnesty, no tax rate cut under IMF program: FBR chief

    He presented this suggestion during a meeting with Consul General of Sri Lanka Jagath Abeywarna who visited KATI.

    Consul General of Sri Lanka Jagath Abeywarna has said that the promotion of trade between Pakistan and Sri Lanka in the textile, leather and pharmaceutical sector is possible. Sri Lanka’s buyers can import goods from Pakistan instead of Europe will be more beneficial.

    READ MORE: FBR may withdraw condition of invoice, packing list in containers

    Similarly, Pakistan can avoid additional shipping costs by importing products including tea from Sri Lanka.

    Sri Lankan Consul General Jagath Abeywarna further said that the trade between SAARC countries is only 5 percent which needs to be further increased. He said that the time to import products from Sri Lanka is 4 days which could benefit both countries.

    Consul General Jagath Abeywarna has said that the bilateral relations between Sri Lanka and Pakistan are very friendly and are expected to become stronger in the coming days. The two countries are also enjoying excellent trade and diplomatic relations, but joint efforts are needed to promote bilateral trade. Consul General said that the combined trade volume is 400 million dollars, out of which Pakistan exports 300 million dollars to Sri Lanka and 100 million dollars from Sri Lanka to Pakistan.

    READ MORE: Customs Enforcement announces auction of vehicles on Nov 09, 2022

    He said that Sri Lanka’s major export items are tea and coconut which it exports to various countries and these items were exported to Pakistan worth 11 million dollars in 2021 while the income from the tourism sector is 3 million dollars.

    Faraz-ur-Rehman said that Pakistan is the second largest trading partner of Sri Lanka among the SAARC countries. President KATI said that Pakistani products, especially pharmaceuticals, textiles and leather, have a wide scope in the Sri Lankan market. Likewise, there are opportunities for trade in Sri Lankan tea, tiles, etc. Joint efforts should be made for bilateral trade of goods which will increase trade volume. Faraz-ur-Rehman said that the exchange of trade delegations between the two countries should be increased. KATI will fully cooperate in this regard.

    READ MORE: FBR auctions confiscated immovable properties on Nov 15, 2022

    KITE Limited CEO Zubair Chhaya said that both countries are going through a difficult period due to the global economic and political crisis. Pakistan and Sri Lanka are facing historic trade deficits and foreign exchange shortages. He said that the joint efforts of both countries to promote trade are the only development solution. In this regard, holding business-to-business meetings is very important.

  • KATI expresses concern over delaying revision in petroleum prices

    KATI expresses concern over delaying revision in petroleum prices

    Korangi Association of Trade and Industry (KATI) on Tuesday expressed concern over delay in revision of petroleum prices by the government.

    The revision in petroleum prices was scheduled for September 15, 2022, which was to be implemented from September 20, 2022. It is learnt that the authorities had recommended reduction in prices for the fortnight starting from September 16, 2022.

    READ MORE: KATI sends 2nd batch of relief goods for flood victims

    KATI President Salman Aslam expressed concern over the government’s delay in changing the prices of petroleum products.

    He said that there is a trend of continuous decline in oil prices in the global market, and the government should immediately announce a reduction in the price of petrol so that inflation and production costs can be reduced.

    READ MORE: KATI flays imposition of new taxes

    Aslam welcomed the Saudi government’s decision of a one-year extension of $3 billion to stabilize Pakistan’s foreign exchange reserves. He said that Saudi Arabia is Pakistan’s best friend and has helped Pakistan in difficult times in the past. With this decision, Pakistan’s foreign exchange reserves and economic stability in the country will be possible.

    READ MORE: KATI rejects further petroleum price hike in Pakistan

    He hoped that the government will solve the problems faced by the industrialists so that the production process in the country can be accelerated and the economy can travel towards development.

  • KATI sends 2nd batch of relief goods for flood victims

    KATI sends 2nd batch of relief goods for flood victims

    KARACHI: Korangi Association of Trade and Industry (KATI) has send second batch of relief goods for flood victims of Sindh and Balochsitan.

    In a statement issued on Saturday, KATI President Salman Aslam said that nine trucks of relief goods are being sent to the victims of Sindh and Balochistan.

    READ MORE: Suzuki donates 10 million yens for Pakistan flood victims

    The relief items include flour, rice, pulses, oil, dry food items, mosquito nets, pillow, water cooler, slippers, soap, toffees and biscuits for children.

    On this occasion, KITE Limited CEO Zubair Chhaya, Senior Vice President Maheen Salman, Vice President Farrukh Qandhari, Member Aid Committee Junaid Naqi, Sindh Council Member Moazzam Qureshi and others were present.

    Salman Aslam said that earlier he had taken the first batch to Balochistan under his leadership, in which relief goods worth millions of rupees had been dispatched, and the second batch is carrying goods worth more than Rs10 million.

    READ MORE: SBP bars banks from taking service charges on flood donations

    Three trucks will be sent to Balochistan, remaining 6 trucks will be sent to Khairpur, Dadu, Sukkur and other areas of Sindh.

    President KATI said that we are determined to deliver aid to more than 20,000 families by the end of this month, while the aid supplies for 7,000 families has been completed.

    He said that the cooperation of Rangers is with us in this activity, and the relief goods dispatched within Sindh and Balochistan under the supervision of Rangers which will be distributed at the designated points of KATI.

    READ MORE: Complaints against banks for refusing flood donations

    Salman Aslam said that there was a meeting with Commissioner Karachi Iqbal Memon in which he told that there are more than 500 IDPs in Korangi, our effort is to take care of 16,000 IDPs came to Karachi so far.

    He said that after the immediate aid, we are trying to take steps to bring their lives back to normal.

    On this occasion, Zubair Chhaya, CEO of KITE Limited, said that I am grateful to the members of KATI, including Patron-in-Chief SM Muneer, President Salman Aslam, Commissioner Karachi Iqbal Memon, People’s Party Korangi President Moazzam Qureshi, who are taking timely action, established a 7-member relief committee and sent the first aid supplies from the business sector.

    READ MORE: SBP issues IBAN list for donations to PM flood relief fund

    He said that I appreciate KATI President Salman Aslam for coming to help the flood victims and taking part in the relief activities. He said that I appeal to the business community and all citizens to actively participate in the initiative taken by KATI and donate generously to help our brothers and sisters who have been badly affected by the floods.

  • KATI flays imposition of new taxes

    KATI flays imposition of new taxes

    KARACHI: Korangi Association of Trade and Industry (KATI) expressed displeasure over promulgation of Presidential Ordinance to imposed new taxes.

    KATI President Salman Aslam in a statement issued on Thursday expressed reservations over the imposition of new taxes worth Rs38 billion through a Presidential Ordinance.

    Besides, he said instead of keeping the interest rate at 15 per cent, it should have been reduced considering the current situation, which would have stabilized the economy.

    Salman Aslam, while reacting to the announcement of a further increase in income and sales tax on electricity bills and super tax said that the government has issued this ordinance to get additional revenue of Rs80 billion from the International Monetary Fund (IMF).

    Due to this, the difficulties of the industry will increase enormously and it will be impossible to continue the industrial production process because the cost of production and electricity prices are already at the highest level in history and a further increase in them will bring the industries to the brink of collapse.

    KATI chief said that along with the announcement of the agricultural policy, the Prime Minister should also announce the industrial and economic policy on the long-standing demand of the business community and industrialists so that investment in the country is promoted and the economy moves towards improvement.

    Aslam said that the government is lifting the ban on imports of luxury and non-essential goods following the demand of the IMF, which will lead to the import of luxury goods despite the additional duty and outflow of valuable foreign exchange. He said that the ban on imports should have been maintained by the government.

    Salman Aslam welcomed the government’s reduction in duty and import of raw materials, machinery, and other essential items.

    He said that instead of imposing more taxes to collect additional revenue, the government should consult with the industrialists, and if taxes are reduced including the cost of production, tariffs of electricity and gas reduced, then the business will be faster in the country, the industrial wheel will start moving, which will help the government. The required tax target will also be achieved.

    KATI President demanded the government not to increase super tax and tax on electricity bills, otherwise, industries in the country will be closed, unemployment will spread rapidly and the economic crisis will intensify due to lack of investment.

  • KATI rejects further petroleum price hike in Pakistan

    KATI rejects further petroleum price hike in Pakistan

    KARACHI: Korangi Association of Trade and Industry (KATI) on Thursday strongly rejected any further increase in prices of petroleum products in Pakistan.

    KATI President Salman Aslam in a statement expressed concern over Federal Minister of Finance Miftah Ismail’s indication of a further increase in the prices of petroleum products.

    READ MORE: Businessmen express shock over petroleum price hike in Pakistan

    He said that the federal minister has asked to increase the petrol levy by Rs10 from September 1, 2022 up to Rs50 per litre, which will be very harmful to the economy.

    The prices of petrol in the global markets have reached the lowest level in 5 years, while the cost of the dollar has also decreased by more than Rs30 in the past few days. In this case, the increase in the prices of petroleum products by justifying the IMF agreement is not acceptable.

    READ MORE: SBP assures allowing stuck up containers of banned import

    Salman Aslam said that his party leadership is also unhappy with the Finance Minister’s decision, while the government’s allies are also not supporting this initiative as it will increase inflation instead of being controlled.

    He said that the finance minister has expressed his commitment to reducing inflation, but that it is not possible unless petroleum products and utility prices are reduced. It is impossible to control inflation or inflation due to the cost of production.

    READ MORE: Sindh reduces sales tax on services for IT sector: SRB

    President KATI said that the government does not consult or trust the business community before setting terms with the IMF, due to which government decisions affect the country’s economy.

    Salman Aslam said that the government had already increased the price of electricity in the last few days, after which there was no justification for increasing the prices of petroleum products.

    He appealed to the government to immediately withdraw the increase in the prices of petroleum products and keep the petroleum levy at a minimum level.

    He said that the finance minister’s statement creates a chaotic situation among investors and stakeholders, directly affecting the country’s stock market and investments.

    READ MORE: FPCCI demands SBP to check speculative dollar trading

  • KATI surprised over Govt. mysterious silence over declining economy

    KATI surprised over Govt. mysterious silence over declining economy

    KARACHI: Korangi Association of Trade and Industry (KATI) on Wednesday expressed surprise over the mysterious silence of the present government regarding economic downfall.

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  • KATI demands withdrawal of electricity, petrol price hike

    KATI demands withdrawal of electricity, petrol price hike

    KARACHI: Korangi Association of Trade and Industry (KATI) on Friday demanded the government of immediate withdrawal the price hike in petroleum products and electricity.

    KATI President Salman Aslam in a statement demanded to immediately withdraw the increase in prices of petroleum products by Rs 30 per liter and electricity by Rs 7.90 per unit.

    READ MORE: KATI expresses concerns over massive rupee fall

    He said that the government dropped petrol bombs on the people for the second time in a week and for the second time increased the price by Rs. 30 per liter which will increase the production cost to a dangerous level.

    President KATI said that OGRA had announced on May 31, 2022 that prices would be maintained the next 15 days which was withdrawn on the second day.

    READ MORE: KATI demands ban on unnecessary imports

    He said that the government did not miss any opportunity to increase inflation on the people, the government on the same day increased the price of petrol by Rs30 while the unit price of electricity was increased by Rs7.90 per unit which is beyond the purchasing power of a common man.

    On the other hand, Moody’s also issued a negative rating to Pakistan and sounded the alarm of economic crisis and bankruptcy.

    President KATI said that the present government was failing to provide relief to the people in the midst of severe economic crisis and was increasing the problems of the common man instead of reducing them. He said that foreign exchange reserves have also reached a three-year low. In such a scenario, the government is failing to formulate a clear policy.

    READ MORE: KATI terms sudden policy rate hike as economic disaster

    Salman Aslam said that in view of the current situation, economic policy needs to be formulated so that the poor could not face economic difficulties in this era of inflation.

    President KATI said that economic instability has put investment at risk while it has become impossible to run industries with the highest cost of production ever.

    President KATI said that it is feared that the unemployment rate in the country will also increase rapidly. The government should immediately take a decision in consultation with the stakeholders to deal with the financial crisis facing the country and announce immediate relief for the low-income group. He said that investment protection and bailout packages for industries should be provided.

    READ MORE: PKR becomes worst currency in region: KATI

  • KATI expresses concerns over massive rupee fall

    KATI expresses concerns over massive rupee fall

    KARACHI: Korangi Association of Trade and Industry (KATI) on Wednesday expressed serious concerns over massive fall in rupee value and depleting foreign exchange reserves.

    In a statement KATI President Salman Aslam said the dollar value had gone above Rs190, a decline that started before Eid has increased economic hardship.

    READ MORE: KATI demands ban on unnecessary imports

    The government is facing hardship at two fronts, first, the dollar value increase, and second reduced foreign exchange reserves are alarming.

    Aslam said that the amount the official foreign exchange reserves of the State Bank of Pakistan (SBP) fell to $10 billion, which also included an amount of $3 billion of Saudi Arabia. He said that government cannot spend the deposited aid to Saudi Arabia, and payment of three months import bill seems difficult.

    READ MORE: KATI terms sudden policy rate hike as economic disaster

    KATI President further added that government has to manage any further bailout package from friendly countries on an emergency basis. “Even receiving IMF tranche of $1 billion is still insufficient to reduce the difficulties.”

    At the moment the country needs a large bailout package, which immediately released the pressure on reserves and the Pak Rupee.

    READ MORE: PKR becomes worst currency in region: KATI

    Salman Aslam said that negotiations with the IMF must be finalized and efforts to get more cooperation from countries close friends of Pakistan.

    He further said that all the resources of the government to avoid bankruptcy will be utilized, to support the economy.

    READ MORE: KATI expresses concerns over rising inflation

  • KATI demands ban on unnecessary imports

    KATI demands ban on unnecessary imports

    KARACHI: Korangi Association of Trade and Industry (KATI) has demanded the government to immediately impose ban on unnecessary imports to prevent the economy from collapse.

    Acting President of KATI Farrukh Qandhari in a statement issued Monday expressed concern over the current account deficit reaching a record high of over $13 billion dollars in the first nine months of the financial year 2022. During the same period last year, the deficit was $275 million, which increased hundred times in one year, bringing the economy to the brink of collapse.

    READ MORE: KATI terms sudden policy rate hike as economic disaster

    He said that the current account deficit was $1 billion in March alone, up from $369 million compared last year.

    KATI acting president said that in such a scenario, saving the economy is a huge challenge for any government and it is impossible to move the economy in the right direction without taking historic or revolutionary steps.

    READ MORE: PKR becomes worst currency in region: KATI

    Farrukh Qandhari demanded: “The government should ban unnecessary imports and provide incentives to increase exports.”

    He said that the current account deficit could not be eliminated without increasing revenue.

    Acting President KATI said that it was difficult to increase the demand for Pakistani products in the global market without increasing industrialization and reducing production costs. He said that Pakistanis living abroad are playing an important role in managing the national economy but there are still many problems.

    READ MORE: KATI expresses concerns over rising inflation

    Farrukh Qandhari said that in view of the current situation, we are facing a flight of investment from the country, which is making the situation more worrying. He further said that only the development of industry in the country can take Pakistan out of its economic woes.

    Farrukh Qandhari hoped that the new government would take care of the situation and make decisions that would not lead to further borrowing to cover the deficit. He further said that instead of the country and the nation being indebted, decisions should be taken which would be popular among the people and industrialists and will stabilize the economy.

    READ MORE: KATI strongly criticizes hike in petroleum prices