Faisal Zahid Malik commends Pindi chamber’s role in generating economic activities, attracting investment
President of the Rawalpindi Chamber of Commerce and Industry (RCCI) Usman Shaukat has urged the government to create a business-friendly environment and protect the interests of the investors as well as the traders’ community as they are playing a crucial role in economy.
Usman Shaukat said this while discussing overall business and economic situation in the country with Chairman & Editor-in-Chief of Pakistan Observer, Mr Faisal Zahid Malik. Vice President of the RCCI Mr Fahad Barlas was also present on the occasion.
Mr Usman Shaukat said chambers of commerce & Industry played a key role in enhancing business activities in the country. They facilitate not only exports but imports of the country. It is because of the chambers of commerce & industry that industries are installed, value addition is given to the local products and they are categorized as export-quality items.
Besides, said Mr Usman Shaukat it is the private companies and businesses that are at the back of the agreements signed between the countries or the governments for trade and business cooperation. The private companies and businesses implement those agreements thus generating business activity in the country. An MoU is nothing unless the private companies and members of the Chambers of Commerce & Industry take up those MoUs and work with the sister companies of the signing country.
About the RCCI contribution to the promotion of industry and business, Usman Shaukat said the Rawalpindi Chamber of Commerce & Industry is the only chamber in the country that has set up an industrial state in Rawat where around 500 industries are operating.
He said that the industrialization process in the country was so slow that it affected the country’s exports and today exports make hardly 10pc of the GDP of the country while in other countries they go up to 40pc-50pc.
Unfortunately, Pakistan has become a trading country and only provide raw material for products. The advanced countries of the Europe and the Middle East take those products from Pakistan and make millions by value addition to those products, he regretted.
As compared to Pakistan, Bangladesh and Malaysia are far ahead of Pakistan because they had adopted latest technologies to add value to their products and earn money.
To a question, Usman Shaukat paid compliments to the Special Investment Facilitation Council (SIFC) for addressing the concerns of the business community.
The SIFC, Usman Shaukat said has put the economy back on track giving certainty to the economic policies. A business he said can face strict regulations but it cannot afford uncertainty. It goes to the credit of the Field Marshal Asim Munir that he not only listened to the grievances of the business community but also assured them that now onwards economic policy would not be disturbed under any political situation. Now our exports are growing, economic activity is in full bloom and the world acknowledges Pakistan as a growing economy of the world.
To a question, he said the RCCI had huge potential in sectors such as gems and jewels, pharmaceuticals, poultry and Information Technology (IT).
Pakistan can earn huge revenue by industrialization and value addition, he said.
He also commended the government and army leadership for addressing the concerns of the business community with regard to the Section 37-A of the Finance Act which earlier gave unlimited powers to tax officer for arrest of a businessman on suspicion of tax evasion, etc.
Now there will be no arrest and the tax officers of the FBR would work under the guidance of a committee that will have business community and chamber’s representative. The law is there but we have managed to take out its teeth, said Mr Usman Shaukat.
Usman Shaukat said business community wanted to cooperate with the government for stable and consistent economic policies and the RCCI’s platform was there to extend cooperation in the large interest of the country. Mr Faisal Zahid Malik commended the RCCI’s role in generating tax culture in the country and promoting business activities.
At the end, RCCI President presented a shield to Mr Faisal Zahid Malik as a token of appreciation for his visit.
