Cost of Doing Business in the Country is 30-35% Higher Than the Region Atif Ikram Sheikh, President FPCCI

Karachi: Mr. Atif Ikram Sheikh, President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), has stated that the cost of doing business in the country is 30 to 35 percent higher than the region.

Mr. Atif Ikram Sheikh emphasized that to increase exports and make costs competitive at regional and international levels, the electricity tariff should be reduced from 11 cents to 7 cents. The gas tariff is 14 cents; and, it should be brought down to 9 cents. Total taxes on businesses are up to 65 percent – which should be reduced to 35 percent, he added.

Mr. Atif Ikram Sheikh reiterated that the interest rate should be set at 9.5 percent and gradually brought down to 6 percent. The levy on petrol prices should be reduced as well; and, to transition towards alternative solutions, taxes on EV vehicles and batteries should be abolished, he added.

Mr. Zaki Aijaz, FPCCI’s Regional Chairman and Vice President, stated that roads alongside industrial estates should be made dual-carriageway. Waste water treatment plants should be installed in all industrial estates and developers should be bound by the allotment procedures in Special Economic Zones (EPZs), he added.

FPCCI demands that Boards of Management should be established in all industrial estates. The Non-Utilization Fee (NUF) in industrial estates should be revised; whereas, the Punjab Infrastructure Development Cess should be reduced.

Mr. Zaki Aijaz paid tribute to the valuable services of former PIEDMC Chairman, Major (Retd) Javed Iqbal; and, extended heartfelt congratulations to the newly elected Chairman, Mr. Shahzad Azam Khan, on assuming his new responsibilities. I am hopeful that by utilizing his capabilities, experience, and strong ties with the business community, he will play an effective role in industrial development, investment promotion, and resolving the issues faced by the business community, he added.

Addressing the ceremony, Secretary of Industries Punjab, Mr. Muhammad Umar Masood, said that easy financing for SMEs is a priority for the Punjab Government. Capital and working capital financing schemes for businesses will be launched soon – which will be announced by the Chief Minister of Punjab.

Brig Iftikhar Opel, SI (M), Retd.

Secretary General