Magazine - Islamabad Chamber of Commerce & Industry

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A monthly Magazine of ICCIBUSINESSMagnateZafar Bakhtawari, President ICCI exchanging views on matters of Pak-Netherlandsbusiness relations with Mr. Robert Dresen, Head of Economic Affairs, Netherlandsembassy on his visit to ICCIPrivate Sector Investment program which aims to stimulategrowth and create jobs in emerging markets.Speaking at the occasion, Zafar Bakhtawari, President,Islamabad Chamber of Commerce & Industry said thatenergy shortage has badly affected trade and industry andstressed that Pakistan should seriously considerNetherlands' cooperation, especially for desilting of itsdams to increase cheap hydro power generation.He said bilateral trade between Pakistan and Netherlands isstill below one billion US dollars while both countries havegood potential to work together in many areas includingenergy, IT & Hi-tech industries, agriculture, dairy farming,logistics, chemicals, water, environment etc. for trade & jointventures. He underlined that governments of bothcountries should facilitate their businessmen for enhancingcollaboration in these areas. ICCI President appreciated thecontribution of Dutch companies like Shell, Phillips andUnilever in Pakistan's economy. He said Pakistan's economyhas enormous potential to grow and hoped that with theelection of a business friendly government; more Dutchcompanies would consider Pakistan as a good destinationfor investment and joint ventures.Resolving Energy Crisis top most priority of theGovernment– Ahsan IqbalPML-N government is fully aware of the negative impactof load shedding on trade & Industry and PlanningCommission is developing short, medium and long-termplans to overcome energy crisis.This was said by Mr. Ahsan Iqbal, Federal Minister forPlanning and Developing while exchanging views with adelegation of Islamabad Chamber of Commerce &Industry that called on him led by Zafar Bakhtawari,President, ICCI.The Federal Minister said that overcomingthe energy crises is the top most priority of the governmentand we would use all options to minimize ill effects ofenergy shortage on business and economy. He said anamount of Rs.225 billion has been allocated to energysector in the budget and its positive impact would startemerging in coming months. Ahsan Iqbal said PML-Ngovernment would make business-friendly policies so thatprivate sector could assume bigger role in the economicdevelopment of the country. He assured that all problemsof trade and industry including power shortage would beresolved as the government is giving key focus toinvestment promotion, industrialization, agriculturalreforms and infrastructure building.Speaking at the occasion, Zafar Bakhtawari, President,Islamabad Chamber of Commerce & Industrycongratulated Mr. Ahsan Iqbal on taking charge as FederalMinister for Planning & Development and hoped thatunder his guidance, Planning Commission will come upwith innovative plans to facilitate the growth of commercialand industrial activities. He appreciated governmentdecision to allocate Rs.500 billion in the budget to clearcircular debt as it would bring positive change in energyscenario. He said the basic reason of current power crisis isthe policy failure of governments as no governmentbothered to foresee the rising energy needs of the countryZafar Bakhtawari, President ICCI with delegation exchanging views along with Ahsan Iqbal,Federal Minister for Planning and Development. VPs and senior members of ICCI arealso present at this occasionand make advance planning accordingly to meet such needs.He stressed for harnessing cheap energy sources includinghydro and coal as over 50 percent reliance on furnace oil forpower generation is the major cause of very highproduction cost in Pakistan. ICCI President showedconcern on allowing FBR access to bank accounts ofcustomers for improving tax collection as it would createharassment in business community and spark capital flightcausing damaging effect on the economy. He also expressedreservations on 0.5 percent income support levy on netmovable assets and increasing turnover tax from 0.5 percentto 1 percent in the Budget 2013-14 and called forwithdrawal of these proposals to save business communityfor more difficulties.Mr. Mehmood Ahmad Warraich Senior Vice PresidentICCI, Mian Akram Farid and Mr. Baser Daud formerPresidents ICCI, M/s. Khalid Ch & Babar Ch were also inICCI delegation.10
A monthly Magazine of ICCIGovernment should withdraw hike in GST–Senator Haji Muhammad AdeelBUSINESSMagnateSenator Haji Muhammad Adeel is addressing the business community on his visit to ICCIZafar Bakhtawari, President ICCI also seen in the pictureGovernment should seriously consider withdrawing onepercent increase in General Sales Tax and bring it downfrom 17 percent to 15 percent as hike in GST would createa new wave of inflation and make common man's life moremiserable. This was observed by ANP's Senior VicePresident and Senator Haji Muhammad Adeel whileaddressing business community at Islamabad Chamber ofCommerce & Industry.He said Federal Minister for Finance Muhammad Ishaq Darhad himself opposed increase in GST as Senator whenPML-N was in opposition and it is strange that after cominginto power, he has proposed one percent hike in GST. Hesaid Senate's Standing Committee on Finance hasunanimously approved 113 recommendations in the Budget2013-14, which have been sent to the government. Hecalled for incorporation of these recommendations in theFinance Bill 2013 to make Finance Bill 2013 a peoplefriendly budget.He said every income including agricultureincome should be taxed to improve tax collection. He saidno one including trade and industry is satisfied with Budget2013 as PML-N Government has made this budget in haste.He said government should take business community onboard on important policies and assured that he wouldhighlight their issues at relevant forums for resolving thesame.In his welcome address, Zafar Bakhtawari, President,Islamabad Chamber of Commerce & Industry said thatbeing a businessman, Senator Haji Muhammad Adeel alwaysserved the cause of business community in politics. He saidbusinessmen should have a group in Senate and NationalAssembly to resolve their problems and added that SenatorHaji Mjuhammad Adeel should work for establishing such agroup in parliament. He said businessmen are keystakeholder in the economy and it is better that governmentshould engage them in a continuous consultation processwhile formulating energy, investment, trade and economicpolicies so that consensus policies could be made to steerthe economy out of troubles.Zafar Bakhtawari stressed that government should comeout of the influence of IMF and make independent policiesas IMP dictated policies have always caused negative impacton the business and economic activities. Munawar Mughal,former President ICCI said that Chambers of Commerceof the country always sent budget proposals to thegovernment, but the same were not properly entertained,which is a cause of frustration of business community.Fazal Elahi, former Senior Vice President FPCCI also spokeon the occasion and praised the services of HajiMuhammad Adeel as Politian for the people.Pakistan-China firm sign MOU forRing Road ConstructionA Memorandum of Understanding regarding construction of WesternLoop of the Ring Road Lahore was signed between Punjab governmentand international Chinese company, China Civil EngineeringConstruction Corporation. Chairman Ring Road Authority and DirectorOverseas Corporation of China Civil Engineering ConstructionCorporation signed the document.Punjab Chief Minister Shahbaz Sharif, Provincial Minister for Housing,and concerned officers were present. Under the agreement, the ChineseCorporation will take part in the bidding process of construction of 26-kilometer long portion of Ring Road from MultanRoad Maraka to Niazi Interchange which has been named as Western Loop. Besides, provision of experts, the Corporation willalso plan and designed the project.Lahore Ring Road will be completed under a phased programme in accordance withinternational standard and in the next phase, the Western Loop from Multan Road Maraka to Niazi Interchange will beconstructed.Source: www.pcq.com.pk11
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Magazine - Islamabad Chamber of Commerce & Industry

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