Category: Chambers of Commerce

This category covers all news related Chambers of Commerce

Lahore Chamber of Commerce and Industry expresses deep grief sorrow over demise of LCCI former President Sheikh Muhammad Arshad

Lahore, June 23, 2017 (PPI-OT):The Lahore Chamber of Commerce and Industry has expressed deep grief sorrow over demise of the LCCI former President Sheikh Muhammad Arshad. In a condolence message, the LCCI President Abdul Basit, Acting President Amjad …

Lahore Chamber of Commerce and Industry opposes closure of Engineering Development Board

Lahore, June 23, 2017 (PPI-OT):The Lahore Chamber of Commerce and Industry has expressed grave concern on the news of closure Engineering Development Board (EDB) and termed it a bad proposal. Government should shelve the idea for the sake of engineering sector of Pakistan.

In a statement issued here Friday, the LCCI Acting President Amjad Ali Jawa and Vice President Muhammad Nasir Hameed Khan said that reportedly this decision has been taken without taking the stakeholders on board. They said that Engineering Development Board is playing a fundamental role in promotion of engineering sector.

“EDB was established to oversee multiple areas related to the engineering sector. An important area where EDB has contributed the most is the Automobile Sector. It oversees the implementation of the Auto Policy, based on predefined policy document guidelines. It supports the vendor industry by handling various SRO’s, by assuring local content enhancement and curtailment of rollback, based on the government’s policy guidelines”, they said.

They said that closure and shifting the responsibility of EDB, will derail the engineering industry, especially the auto sector, will lead to inefficiency in the government, and lack of expertise would further complicate the situation, leading to stoppage of investments in Auto Sector, especially the Vending Sector.

They recommended that proposal of disbandment of EDB should be taken back immediately as it would give a bad message to the foreign investors. To improve the circumstances, a professional CEO EDB should be appointed, based on capability to handle such an organization. They said that closure of an institution is not a solution to the problems. Government should take corrective to overcome the loopholes.

For more information, contact:
Information Department
Lahore Chamber of Commerce and Industry (LCCI)
11-Shahrah-e-Aiwan-e-Tijarat,
Lahore -54000, Pakistan
Tel: +92-42-111-222-499
Fax: +92-42-36368854
Website: www.lcci.org.pk

Aamer Ata Bajwa, Acting President, FPCCI condemns illegal threats to member of business community

Karachi, June 22, 2017 (PPI-OT):Acting President, FPCCI Mr. Aamer Ata Bajwa has strongly condemned the illegal threats from Omni Group to member of business community M/s. Shahzad Trade Links who is the Agent of Belarus Tractors in Pakistan since last …

Senior Trade and Investment Commissioner of Australian Trade and Investment Commission calls on LCCI Acting President and Vice President

Lahore, June 22, 2017 (PPI-OT):Senior Trade and Investment Commissioner of Australian Trade and Investment Commission John Madew Thursday called on the LCCI Acting President Amjad Ai Jawa and Vice President Muhammad Nasir Hameed Khan and had a detailed discussion on trade and economic issues. Regional Business Development Manager of Australian Trade and Investment Commission Imran Saeed Khan was also present on the occasion.

John Madew said that private sectors of the two countries should develop sustainable partnership and find out tangible ways to avail full advantage of the trade and investment potential exists in Australia and Pakistan. He said that Australia has made a considerable development in dairy and livestock sectors and its experience in these areas can be useful for Pakistan. He said that Australian Universities are focusing on Research and Development that is a key to give boost to the trade and economy. He informed the house that Australian IT companies are finding new partners therefore Pakistani IT companies should avail this opportunity.

The LCCI Acting President Amjad Ali Jawa said that Pakistan and Australia enjoy good diplomatic relations and at present, both countries are engaged in cooperating with each other in many fields. He informed the participants that last year, there were two delegations – one from Sydney and other from Canberra – visited LCCI. He appreciated Australian High Commissioner for fully cooperating with the LCCI that went to Sydney in February 2017 to attend Halal Expo 2017. Our members had successful meetings in Australia.

He said that the balance of trade has been in favour of Australia but it is a matter of concern for us that the gap between imports and exports is expanding year by year. From 2014 to 2015, the two way trade surged from dollar 504 million to dollar 714 million. This increase took place due to abrupt rise in imports from Australia to Pakistan which went up from dollar 337 million to dollar 538 million during that period. Pakistan exports showed some improvement but its magnitude was not sufficient enough. The volume of exports to Australia inched up from dollar 167 million to dollar 176 million.

Amjad Ali Jawa said that Australia has a well-developed dairy and livestock sectors and Pakistani counterparts can benefit from Australia for enhancements in milk and meat production. Livestock sector of Pakistan accounts for more than 10% of GDP. Pakistan lags behind in technological innovation in agriculture and livestock. Australia should share its advanced agro-technology and expertise with Pakistan.

The LCCI Acting President said it is really appreciative that Australian government is extending liberal scholarships to the Pakistani students and at the moment more than 15000 students are studying in various universities of Australia. LCCI is of the view that these scholarships should be increased to offer more opportunities to the Pakistani students.

The LCCI Vice President Muhammad Nasir Hameed Khan said that Pakistan is emerging globally in IT sector with young and talented pool of IT professionals and this area has great potential for mutual cooperation between the two countries. Likewise, Australia can supply LNG to Pakistan to overcome its energy issues. He said that knowledge and experience sharing with Pakistani businessmen would help improving the present scenario between two countries.

For more information, contact:
Information Department
Lahore Chamber of Commerce and Industry (LCCI)
11-Shahrah-e-Aiwan-e-Tijarat,
Lahore -54000, Pakistan
Tel: +92-42-111-222-499
Fax: +92-42-36368854
Website: www.lcci.org.pk

Shamim Firpo demands immediate settlement of refunds claims

Karachi, June 21, 2017 (PPI-OT):President of the Karachi Chamber of Commerce and Industry (KCCI) Shamim Ahmed Firpo, while referring to numerous requests received from KCCI members, urged the government to immediately settle pending refunds claims in order to save manufacturers-cum-exporters, particularly small exporters, from suffering severe liquidity crunch. In a statement issued, President KCCI added that the government must ensure availability of suffice liquidity to exporters if it was really serious in dealing with the issue of dwindling exports.

He said that the Federal Board of Revenue (FBR) has been continuously targeting the exporters by delaying billions of rupees refunds of sales tax, withholding, customs rebates, duty drawback on taxes and levies for achieving its budgetary revenue collection targets. “FBR is focused only on further squeezing the existing taxpayers, while no effort was being made to bring tax-evaders into the net for broadening tax-to-GDP ratio”, he added.

He noted that tax refunds of Rs300billion of textile industry alone were stuck up with FBR, resulting in intensifying the hardships for the industry. The government must realize the seriousness of the situation and take steps for timely clearance of all stuck up refunds with a view to provide some relief to perturbed business community.

Referring to a recent statement by Federal Commerce Minister Khurram Dastagir Khan in which he claimed that his ministry’s entire attention was focused on the reimbursement of tax refunds and other payments under Prime Minister’s Rs180 billion exports incentive package, Shamim Firpo asked that how will the government be able to settle huge refund claims with such a petty incentive package, particularly in a situation when refund claims of textile industry alone have escalated to above Rs300 billion. Delays in implementation of PM’s exports incentive package is also a matter of concern for the business and industrial community, he added.

Shamim Firpo recalled that under Prime Minister’s directives, Sales Tax refunds of up to Rs22 billion were settled in the month of August 2016 which was followed by another settlement of refunds claims of Rs21 billion in the month of November 2016 but it has been seven months now since the last payments against refund claims were made whereas such claims have been escalating every day, triggering extreme anxiety amongst many taxpayers.

In this regard, he advised the government to devise an automated system which must ensure release of all pending refund claims on monthly or quarterly basis which, if done, would enable the industrialists and exporters to efficiently devise their future business expansion strategies and create an enabling environment in which the businessmen and industrialists will be least bothered about the release of refund claims and they will stay focused on exploring ways and means of how to enhance their businesses and exports.

He opined that the improved economic figures along with positive developments taking place due to China-Pakistan Economic Corridor (CPEC) clearly indicate that Pakistan was headed in the right direction and was likely to become one of the fastest growing economies of the world but on the other hand, the government must act sensibly by ensuring a level-playing field to the business and industrial community so that they could be able to catch up with the pace and stay afloat in the extremely competitive business environment.

President KCCI hoped that the government comes up with pro-business initiatives soon as only such initiatives can rescue Pakistan’s economy from the clutches of IMF. “We are ready to utilize all our expertise and resources to promote industrialization and expansion but the government must also support us and refrain from taking anti-business moves and deliberate delays which hinder progress and prosperity for the country”, he added.

For more information, contact:
Director Press/Electronic Media and Public Relations
Karachi Chamber of Commerce and Industry (KCCI)
Aiwan-e-Tijarat Road, Off Shahrah-e-Liaquat,
Karachi-74000
Phone: +92-21-99218001-09
Fax: +92-21-99218040
Email: info@kcci.com.pk, secretary@kcci.com.pk
Website: www.kcci.com.pk

FPCCI fully supports All Pakistan Textile Mills Associations and other Textile Associations and expresses concern over their strike

Karachi, June 21, 2017 (PPI-OT):The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) expressed its great anxiety and concern over the strike called by All Pakistan Textile Mills Associations (APTMA), Pakistan Textile Exporters Associati…

Government urged to address key issues of textile industry on priority

Islamabad, June 20, 2017 (PPI-OT):Khalid Iqbal Malik, President, Islamabad Chamber of Commerce and Industry has called upon the government to address the genuine issues of textile industry on priority basis to save it from further problems. He said that the Prime Minister had announced export incentive package of Rs.180 billion for the textile industry, but the government was dragging its feet on its implementation which was creating concerns in the textile industry. He stressed that government should ensure prompt implementation of said package in letter and spirit to revive the industry and improve exports.

He said that the tax refunds of around Rs.300 billion of textile industry were stuck up with FBR due to which the industry was facing liquidity problems. He stressed that government should take measures for prompt clearance of all stuck up tax refunds to ease the woes of textile industry. He said that textile sector was playing leading role in exports of the country, but due to lack of attention from government side, exports were going down. He stressed that government should come up with strong measures to rescue the textile industry from current difficulties.

He said as per report of All Pakistan Textiles Mills Association (APTMA), around 150 textile mills have already been closed and warned that if urgent remedial measures were not taken, the whole textile industry could collapse. He called upon the government to ensure enforcement of zero-rating of sales tax for the textile industry. He further urged that the sales tax on packaging materials, spare parts, fuel and energy should be made simple for textile industry and refunded on priority basis. He said to turn around the falling exports, government should adopt a soft approach for the five export oriented sectors and spare them from new taxes.

Khalid Iqbal Malik said that government should also take necessary steps to save the domestic industry against large-scale import of textile products from neighbouring countries. He said that textile industry has appealed for reduction of gas tariff from Rs.600 per MMBTU to Rs.400 per MMBTU and fixation of electricity tariff at Rs.7 per unit inclusive of all taxes, levies and surcharges. He stressed that government should give due consideration to this appeal for bringing down the cost of doing business for this industry. He was of the view that addressing the issues of textile industry and reducing power tariffs for it would facilitate the revival of this important industry and contribute positively to promoting country’s exports.

For more information, contact:
Islamabad Chamber of Commerce and Industry (ICCI)
Chamber House, Aiwan-e-Sanat-o-Tijarat Road,
Mauve Area, G-8/1,
Islamabad, Pakistan
Tel: +9251 225 0526, 2253145, 8432676
Fax: +9251 225 2950
Email: icci@brain.net.pk
Website: www.icci.com.pk

Lahore Chamber of Commerce and Industry takes strong exception to historic trade deficit during last eleven months

Lahore, June 20, 2017 (PPI-OT):The Lahore Chamber of Commerce and Industry Tuesday took a strong exception to the historic trade deficit during the last eleven months and urged the Ministries of Finance and Commerce to take instantaneous measures to sustain balance between imports and exports. In a statement issued here, the LCCI Acting President Amjad Ali Jawa and Vice President Muhammad Nasir Hameed Khan said that issue of trade deficit must be controlled immediately otherwise this important economic indicator would shatter the confidence of investors.

They said that Pakistan’s trade deficit has sharply swelled by around $30 billion or 42.12 percent during first eleven months of current fiscal year as compared to the deficit of $21.1 billion in the corresponding months of the last fiscal year. The widening of trade deficit is due to significant increase in imports by 20.6 percent to $48.53 billion during July – May 2016/2017 as compared to $40.25 billion in the same period of the last fiscal year. On the other hand, they said, exports came down by 3.13 percent to $18.54 billion during the period under review as against $19.14 billion in the same period of the last year.

The LCCI office-bearers said that rising imports and declining exports are developing a perception that Pakistan is becoming a trading place instead of a hub of industrialization. They said that apart from cutting the cost of doing business in Pakistan, the government would have to evolve a long-term strategy to make its products attractive in the global market to increase its exports.

The LCCI Office-bearers said that the growing trade deficit, led by sharp slow down in exports growth, is posing a key challenge to the macroeconomic stability of the country besides converting it into a Consumer Society. They said that galloping trade deficit might dent country’s debt payment capacity that ultimately would not be a happy sign for the overall economy. The LCCI Office-bearers suggested that the concerned government quarters should join heads with the private sector for finding out a methodology for increasing the exports of the country that is a prerequisite to control trade deficit.

They said that to give a relief to the export-oriented sectors, major issues like huge delay in release of refunds, continuous power supply to the industrial sector, high input cost and large number of duties and taxes should be resolved on priority. They said that Pakistani Mission abroad should also be given task to explore new markets and new buyers for Pakistani merchandise besides convincing foreign investors to invest in Pakistan.

For more information, contact:
Information Department
Lahore Chamber of Commerce and Industry (LCCI)
11-Shahrah-e-Aiwan-e-Tijarat,
Lahore -54000, Pakistan
Tel: +92-42-111-222-499
Fax: +92-42-36368854
Website: www.lcci.org.pk

Liberal import policy damaging economy

Islamabad, June 20, 2017 (PPI-OT):Islamabad Chamber of Small Traders on Tuesday said country’s import policy is unreasonably liberal that is one of the reasons behind the increasing trade gap threatening the economy. The liberal import regime will never allow our manufacturing, agriculture, SMEs, exports and private investment to flourish therefore it should be reconsidered, it said. Dozens of the countries are allowed to dump their goods in Pakistan including those items which are not needed while the critical sectors are being ignored, said Patron Islamabad Chamber of Small Traders Shahid Rasheed Butt.

He said that the government, as well as the private sector, continue to focus on textiles and export of raw material while value-addition is overlooked resulting in the frequent balance of payment crisis. Shahid Rasheed Butt said that government often announce steps to support critical sectors which are never implemented resulting in dwindled growth.

The government is trying to improve the economic situation with the help of bureaucracy which lacks skills, capacity and interest to deliver. The majority of the bureaucracy is least concerned about the economy and lack required knowledge regarding the industry, agriculture, international trade, new trends, new markets, and problems keeping the economy from growing, he added.

The business leader said that unnecessary imports should be discouraged and TDAP should be disbanded immediately as it has become dysfunctional. The government should establish sector-specific export promotion companies with full participation of the private sector, he said. Butt said that power projects and roads are necessary but we also need to develop our human resource so that direction of the economy could be corrected.

For more information, contact:
Islamabad Chamber of Small Traders and Small Industry (ICSTSI)
24-D, 3rd Floor, Rashid Plaza Blue Area, Jinnah Avenue, Islamabad, Pakistan
Phone: +92-51-2801045
Email: icstsiofficial@gmail.com, info@icstsi.com.pk
Website: http://icstsi.com.pk/

Strategy to boost exports through trade agreements has failed

Karachi, June 20, 2017 (PPI-OT):The Federation of Pakistan Chamber of Commerce and Industry (FPCCI) on Tuesday said strategy to boost exports through trade agreements with other countries has failed to deliver. The government has hurriedly finalised Free Trade Agreements (FTAs) and Preferential Trade Agreements (PTAs) with some countries but the exports continue to fall while imports have jumped which is contrary to the objectives, it said.

In the last one year the country has suffered revenue losses to the tune of Rs 41 billion due to trade deals while FTAs with Turkey and Thailand will increase the losses, said Atif Ikram Sheikh, Chairman FPCCI Regional Committee on Industries. The faulty trade deals have also damaged the local industry, therefore, all such pacts should be revisited and FTAs with Turkey and China must be suspended unless the private sector’s concerns are addressed, he demanded.

Atif Ikram Sheikh said that according to an estimate after FTA, for every additional dollar increase in our exports to Turkey, Turkish imports to Pakistan would increase by three dollars. In other words, exports from Pakistan to Turkey will result in 200 percent more imports into Pakistan while the imports from Thailand will increase by 300 percent.

He said that trade gap for the first eleven months has jumped to 30 billion dollars which prove that the trade deals have not served the purpose of the country but that of other nations. Exports remained stagnant, imports have increased while the local industry has paid the price for faulty deals managed by inexperienced officials, he noted. The government should take corrective measures on all the fronts otherwise gains of last three years will go down the drain, he warned.

For more information, contact:
Secretary General
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
B-1, Federation House, Main Clifton Road,
Shahra-e-Firdousi,
Karachi-75600, Pakistan
Tel: +92-21-35873691, 93-94
Fax: +92-21-35874332
Email: info@fpcci.com.pk
URL: www.fpcci.com.pk