President of the Islamabad Chamber of Commerce and Industry (ICCI), has rung the alarm bells expressing disappointment that Islamabad no longer supports business community, thanks to the exorbitant rise in cost of doing business.
He expressed the business community’s concerns during a presentation in the presence of Chaudhry Muhammad Ali Randhawa, Chairman Capital Development Authority (CDA) and Chief Commissioner Islamabad during the Federation of Pakistan Chamber of Commerce and Industry (FPCCI) meeting. The business community is facing mounting challenges of keeping its businesses afloat and the heavy tax burdens on local businesses are jeopardizing the growth of the city’s economy and could lead to the relocation of businesses abroad, said Qureshi in a candid tone.
He reiterated that businesses in Islamabad have been paying higher taxes compared to other regions, a situation that, if left unaddressed, could force businesses to move overseas, further impacting unemployment rates and depriving the government of essential revenue.
“The cost of doing business in Islamabad has skyrocketed by 190%, creating an unfavorable environment for industries. This alarming trend could have devastating effects on the local economy,” Qureshi stated. He also pointed out that educated youth are already leaving the country due to diminishing job opportunities and business prospects.
Moreover, Qureshi called for urgent reforms in the ship-breaking industry, which plays a crucial role in supplying scrap metal to the steel industry. He highlighted how excessive taxes on this sector are undermining its potential to support the country’s manufacturing industries.
The ICCI president also reiterated the business community’s commitment to working alongside the Capital Development Authority (CDA) to make Islamabad cleaner, greener, and more attractive for both residents and visitors.
Chairman CDA Muhammad Ali Randhawa promised the business community’s concerns would be addressed and all measures would be taken to make doing business easier in Islamabad.
On this occasion, President FPCCI Atif Ikram Shaikh, Vice President Tariq Jadoon, Chairman Capital Office Karim Aziz Malik, Chairman Coordination Malik Sohail, Chairman Founder Group Tariq Sadiq, former Presidents ICCI Khalid Javed, Mian Akram Farid, Abdul Rauf Alam and other business leaders were present in large number and expressed their support for Qureshi’s call for reforms.
