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KCCI Seeks Finance Minister’s Support for Business Growth

Business-friendly Budget and Reforms on the Horizon

Finance Minister Senator Mohammad Ishaq Dar presiding over a meeting at the FBR Headquarters. The meeting includes a delegation from the Karachi Chamber, led by Chairman Businessmen Group Zubair Motiwala. Several other notable individuals are also present in the picture, such as Minister of State for Finance & Revenue Dr. Aisha Ghous Pasha, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha, Chairman RRMC Ashfaq Tola, Governor SBP Jameel Ahmed, Chairman FBR Asim Ahmed, Vice Chairmen BMG Anjum Nisar and Jawed Bilwani, President KCCI Mohammed Tariq Yousuf, Senior Vice President Touseef Ahmed, Vice President Haris Agar, Former Senior Vice President Ibrahim Kasumbi, Chairman Federal Taxation Subcommittee Abu Bakar Shamsi, Chairman Customs & Valuation Subcommittee Muhammad Arif, and Chairman Banking & Insurance Subcommittee Asim Aejaz.
ISLAMABAD: Finance Minister Mohammad Ishaq Dar chairs a meeting with Karachi Chamber’s delegation, led by Chairman Businessmen Group Zubair Motiwala, at FBR Headquarters. Also present in the meeting are Minister of State for Finance & Revenue Dr. Aisha Ghous Pasha, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha, Chairman RRMC Ashfaq Tola, Governor SBP Jameel Ahmed, Chairman FBR Asim Ahmed, Vice Chairmen BMG Anjum Nisar and Jawed Bilwani, President KCCI Mohammed Tariq Yousuf, Senior Vice President Touseef Ahmed, Vice President Haris Agar, Former Senior Vice President Ibrahim Kasumbi, Chairman Federal Taxation Subcommittee Abu Bakar Shamsi, Chairman Customs & Valuation Subcommittee Muhammad Arif, and Chairman Banking & Insurance Subcommittee Asim Aejaz.

ISLAMABAD: Finance Minister Senator Mohammad Ishaq Dar has assured the leadership of the Karachi Chamber that the government is dedicated to providing robust support to the business and industrial sector. The minister pledged to facilitate ease of doing business in order to ensure economic growth and stability throughout the country.

During a meeting held at the FBR Headquarters on Saturday, the Finance Minister stated, “The government will present a business and people-friendly budget for the fiscal year 2023–24.” The discussions took place with a delegation from the Karachi Chamber of Commerce & Industry (KCCI), led by Chairman Businessmen Group Zubair Motiwala.

The meeting was attended by Minister of State for Finance & Revenue Dr. Aisha Ghous Pasha, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha, Chairman RRMC Ashfaq Tola, Governor SBP Jameel Ahmed, Chairman FBR Asim Ahmed, along with senior officers from the Finance Division and FBR. The KCCI delegation included Vice Chairmen BMG Anjum Nisar and Jawed Bilwani, President KCCI Mohammed Tariq Yousuf, Senior Vice President Touseef Ahmed, Vice President Haris Agar, Former Senior Vice President Ibrahim Kasumbi, Chairman Federal Taxation Subcommittee Abu Bakar Shamsi, Chairman Customs & Valuation Subcommittee Muhammad Arif, and Chairman Banking & Insurance Subcommittee Asim Aejaz.

The Finance Minister commended KCCI’s budgetary suggestions and emphasized the government’s determination to address the challenges faced by the business and industrial community. He acknowledged that while the country was facing severe crises, the current government cannot be held responsible but should be appreciated for taking the initiative to fulfill international commitments violated by the previous government. Dar stated, “The government has been making efforts to fulfill all previous commitments in the most difficult conditions, to safeguard Pakistan’s credibility. Unfortunately, this has led to the burden on the business community and the general public, due to high electricity and gas tariffs and general inflation.”

Dar highlighted that resolving these challenges will take time, but Pakistan has faced similar situations in the past and successfully overcome them. He mentioned that in 2017, Pakistan’s economy was performing exceptionally well, with high foreign reserves, low inflation rates, and a thriving stock market. However, political instability subsequently caused a decline in Pakistan’s economic ranking from 24th to 47th position in 2022.

Assuring the delegation, Dar stated, “The most difficult reforms have been implemented, and the worst is over. Pakistan will survive, and we will collectively face all challenges to put the country back on the path to progress and prosperity.” He further emphasized that the government’s top priority is to avoid delays in external payments, while also expressing commitment to resolving economic crises through initiatives such as an agricultural revolution and a focus on the IT sector.

In response, Chairman BMG Zubair Motiwala acknowledged the government’s fiscal issues and presented KCCI’s recommendations aimed at overcoming trade and economic hurdles while curbing corruption. He urged the government to address the issue of exhausting foreign exchange reserves on food and essential items, leaving insufficient funds for importing plants, machinery, and spare parts, which adversely affects industrial production.

Motiwala also stressed the need for a clear-cut policy for payment clearance on imported consignments and stricter regulation of banks by the State Bank of Pakistan (SBP) to prevent arbitrary clearance of import documents. He further highlighted the importance of treating the CNIC number of unregistered buyers, provided by registered sellers/suppliers, on par with STRN. PR

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