Karachi: In a high-profile meeting at the Islamabad Chamber of Commerce and Industry (ICCI), key
figures from the business community converged to address pressing economic concerns and strategize
for a robust recovery.
President of Korangi Association of Trade and Industry, Faraz-ur-Rehman, stressed the urgency of
enhancing exports, citing a 5% decline from July to September compared to the previous year.
He urged the government to prioritize resolving export sector challenges, advocating for streamlined access to loans for exporters. Rehman pointed to the hindrance posed by the current 22% interest rate,
contributing to a substantial 290% decrease in private sector loans from July to October.
Ahsan Zafar Bakhtawari, President of ICCI, emphasized the need for a business-friendly tax system to
boost tax revenue.
He critiqued the current tax system, asserting that reforms are essential to
encourage taxpayers and ensure the promised addition of 1.5 million new taxpayers by June 2024.
Bakhtawari argued that simplifying the tax system and reducing high tax rates would be more effective
than simply appointing additional tax officers.
Khalid Iqbal Malik, the group leader of ICCI, underscored the pivotal role of the business community in
driving the economy. He called for comprehensive consultations with all major chambers of commerce
and associations to formulate effective short-term and long-term economic recovery policies.
Former President of ICCI and UBG Secretary General, Zafar Bakhtawari, credited that UBG is looking
forward to victory in the Federation of Pakistan Chambers of Commerce and Industry elections with the
support of the Korangi Association of Trade and Industry.
He expressed optimism about the UBG’s
nominated candidate, Atif Ikram Sheikh, becoming a transformative leader for the business community
if elected as federation president.
Atif Ikram Sheikh, the UBG’s presidential candidate in FPCCI, pledged to collaborate with the
government to address business community challenges and implement welfare projects upon winning
the federation election.
The gathering included prominent business personalities such as Ahsan Zafar Bakhtawari, Khalid Iqbal
Malik, Zafar Bakhtawari, Atif Ikram Sheikh, and Rizwana Asif, President of Islamabad Women’s Chamber
of Commerce and Industry.
