Key Takeaways
- FPCCI leaders urge government to reduce power tariffs to ensure economic growth.
- Criticism directed at FBR for coercive measures against businessmen and industrialists.
- Call for establishment of more special economic zones to boost industrial activity.
Leaders of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) have criticised the government's coercive actions against businessmen and industrialists, urging a reduction in power tariffs to ensure economic growth and stability.
Speaking at two receptions hosted in their honour, FPCCI patron in chief S.M. Tanvir and President Atif Ikram highlighted the need for power tariffs to be brought in line with those in other countries in the region, currently costing the business community 17 cents per unit compared to seven cents elsewhere.
Tanvir also expressed concern over the ongoing wars, stating that they contribute to inflation and hinder economic performance. He emphasized that the government is a partner in the economy, taking a significant share of economic returns, but should not subdue or intimidate businesses.
The FBR's coercive measures, including intrusive actions in factories, were a major source of concern for the industrialists. Tanvir stressed that such actions could not be overlooked, as they humiliated people and undermined the business community's ability to operate.
FPCCI has taken up the issue forcefully, leading to a reduction in electricity costs from 17 cents to 12 cents, but this still falls short of the required seven cents to make the business environment competitive. Tanvir called for a drastic reduction in energy costs to ensure economic growth.
Atif Ikram assured the business community of FPCCI's full cooperation in addressing their problems, including consulting the Federal Railways Minister to start cargo services in Hyderabad, which would benefit the city's business community.
Masood Pervez, Patron of the Hyderabad Chamber of Small Traders and Small Industry, hailed FPCCI's initiatives, emphasizing the need for more special economic zones to boost industrial activity in the region.
The FPCCI's stance reflects the broader concerns of the business community regarding the government's policies and their impact on economic stability and growth.
We have been telling government that it is our ‘partner’ because it takes away a major chunk of our economic returns. Has anyone seen that one partner subdues, intimidates and subjects the other partner to excesses? It never happens in the world, but we are surviving in this culture.
S.M. Tanvir, FPCCI patron in chief
We never question administrative actions against defaulting entities because we believe that a businessman is under obligation to pay taxes as it is essential for running the economy.
S.M. Tanvir, FPCCI patron in chief
