Atif Ikram Sheikh, President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), said the cost of doing business in the country is 30 to 35 percent higher than in 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. He added that the levy on petrol prices should be reduced and that, to transition to alternative solutions, taxes on EV vehicles and batteries should be abolished.
Mr. Zaki Aijaz, FPCCI’s Regional Chairman and Vice President, stated that roads alongside industrial estates should be made dual-carriageway.He added that wastewater treatment plants should be installed in all industrial estates, and developers should be bound by the allotment procedures in Special Economic Zones (EPZs).
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. The Punjab government will soon launch capital and working capital financing schemes for businesses, which the Chief Minister of Punjab will announce.
