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Non-Performing Loans Portfolio – Any attempt to reopen old settled cases to affect credibility of system: Muffasar Malik

Karachi, July 03, 2018 (PPI-OT): President Karachi Chamber of Commerce and Industry (KCCI) Muffasar Atta Malik, while referring to some recent media reports pertaining to honourable Supreme Court’s Suo Moto proceedings initiated on the basis of m...

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Muffasar Malik concerned over continuous devaluation of rupee

Karachi, June 19, 2018 (PPI-OT): President Karachi Chamber of Commerce and Industry (KCCI) Muffasar Atta Malik, while expressing deep concerns over continuous devaluation of rupee against dollar, said that dollar has risen sharply to all time high of Rs122 which has to be controlled otherwise, it will have a devastating impact on the already beleaguered economy.

In a statement issued, President KCCI said that the Government recently devalued Pakistani rupee for the third time in six months and rupee continues to fall against dollar, stoking concerns that the country may have to go to the IMF for a bailout.

“We fear that the rupee may fall further in the coming months keeping in view Pakistan’s dwindling foreign exchange reserves”, he said, adding that such abrupt devaluations in the past brought about economic distress, which lasted for several years. Hence, there is no justification in repeating those actions again that have failed miserably in the past. Currency devaluation for a country like Pakistan will have negative economic implications in the long run, he opined.

Muffasar Malik further elaborated that although the exporters will be happy to see rising value of dollar and the country’s economic indicators will also display some improvement in exports but this increase can only be attributed to dollar value as the export volume remains the same, in fact, our exports have descended sharply to many destinations around the world because of rising cost of doing business. “It must be kept in mind that the rising dollar would lead to costlier imports and the exporters will also bear the brunt due to rise in cost of imported raw materials, plunging the economy into further deep crisis”, he cautioned.

He said that despite so many measures taken to discourage the imports including the imposition of Regulatory Duty on many items, Pakistan’s imports remain inelastic and a weaker rupee will not help. Mostly, they consist of raw materials (petroleum, chemicals and metals), intermediate goods or machinery. Any devaluation would increase their cost thus making Pakistani exporters less competitive.

Muffasar Malik said that it has taken almost 10 years to rebuild investor confidence to an extent as foreign investors are gradually making a comeback. If the currency is devalued, it would send a negative signal to potential investors. President KCCI further warned that the depreciation will terribly affect the lives of the masses as it will increase prices of all essential items and result in high inflation.

He was of the opinion that petroleum products have major share in import bill of the country. As oil prices in the international market are increasing, import cost will also escalate, he feared, adding that strategies have to be defined on war footing to ensure that the economy stays afloat.

“It is a well-known fact that if petroleum prices, which are already too high, rise further, it would lead to hike in prices of all the products, including fuel-based thermal power generation plants” Malik added. “When elections are around the corner and there is so much instability, the country cannot afford to make life more difficult for the poor and the middle class”, he said.

He advised that the Federal Government to take measures to stop further devaluation of rupee against dollar before its too late and a situation emerges when we have no other option but to seek support from the IMF. Steps have to be taken to create an enabling business environment which is the only way forward to pull the economy out of crisis, he added.

For more information, contact:
Director Press/Electronic Media and Public Relations
Karachi Chamber of Commerce and Industry (KCCI)
Aiwan-e-Tijarat Road, Off Shahrah-e-Liaquat,
Karachi-74000
Phone: +92-21-99218001-09
Fax: +92-21-99218040
Email: info@kcci.com.pk, secretary@kcci.com.pk
Website: www.kcci.com.pk

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Envoy advises KCCI to have more interaction with Turkish counterparts

Karachi, May 04, 2018 (PPI-OT): Turkish Consul General in Karachi Tolga Ucak has advised the Karachi Chamber of Commerce and Industry to have more interaction with their counterparts in Turkey and the business and industrial community should focus on ‘innovation’ particularly in the textile sector with a view to improve the existing trade volume, besides taking steps to promote tourism opportunities in both countries.

Speaking at a meeting during his visit to KCCI, Turkish Envoy asked Karachi Chamber to further enhance its linkages with Istanbul Chamber of Commerce and Industry which would certainly prove beneficial for the business communities of the two brotherly countries. “KCCI should organize visits of maximum number of trade delegations to Turkey which would certainly pave way for smooth trade and investment between the two countries”, he added.

Commercial Counsellor of Turkish Consulate Murat Mustu, President KCCI Muffasar Atta Malik, Senior Vice President Abdul Basit Abdul Razzak, Vice President Rehan Hanif and KCCI Managing Committee members were also present at the meeting. Turkish Envoy further stated that Pakistan and Turkey can benefit from each other’s experiences and expertise in different sectors of the economy.

He said that Business-to-Business and People-to-People contacts have to be promoted between the two countries whereas exchange of students must also be encouraged. “Turkish students can learn good English from some of the finest colleges and universities in Pakistan”, he added.

Tolga Ucak, while expressing satisfaction over improved security environment in Karachi and other parts of the country, stressed the need to introduce Karachi to Turkish people as a safe and interesting tourism destination and hopefully more Turkish tourists would come to Pakistan. “A small office should be established in Istanbul to acquaint Turkish tourists about the tourism potential of Pakistan”, he added.

Speaking on the occasion, Commercial Counsellor of Turkish Consulate Murat Mustu said that they want to finalize Free Trade Agreement between Pakistan and Turkey as soon as possible. “However, negotiations on finalizing FTA may face some delays because of the elections in Pakistan and Turkey this year. FTA should be finalized in such a manner that it creates a win-win situation for both the countries”, he added.

Earlier, President KCCI Muffasar Atta Malik, while welcoming the Turkish Consul General, expressed concerns over low trade volume of around US$700 million between the two countries which has to be improved by making collective efforts. He said that Karachi, being the economic and financial hub of Pakistan, offers profitable opportunities and added facilities for investment and joint ventures to investors from Turkey. “Karachi is an attractive place for Turkish investors, who can surely earn maximum profits by setting up their businesses or undertaking joint ventures here”, he added.

Muffasar Malik stressed that the Karachi Chamber is keen to strengthen trade ties and explore new bilateral trade prospects with Turkey as we strongly believe that Pakistan’s improved relations and enhanced trade with countries like Turkey would surely help in dealing with the ongoing economic crisis and ensure prosperity for both countries. “I believe there is a huge potential to enhance trade between Turkey and Pakistan. In this regard, both countries can exchange several commodities of interest between each other”, he added.

He said that the Karachi Chamber wants to promote business, mutual understanding and friendly relations between Pakistan and Turkey. “We also want to promote Turkish investment in Pakistan and do everything for the development of Pakistan – Turkey business cooperation.” In response to Turkish CG’s suggestion, President KCCI assured to look into the possibility of sending KCCI’s delegation to Turkey this year.

For more information, contact:
Director Press/Electronic Media and Public Relations
Karachi Chamber of Commerce and Industry (KCCI)
Aiwan-e-Tijarat Road, Off Shahrah-e-Liaquat,
Karachi-74000
Phone: +92-21-99218001-09
Fax: +92-21-99218040
Email: info@kcci.com.pk, secretary@kcci.com.pk
Website: www.kcci.com.pk

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Amendment in Section 148 of Income Tax Ordinance to eliminate many importers out of business

Karachi, May 02, 2018 (PPI-OT): Commercial importers and traders, while strongly reacting against the anomalies in the Federal Budget 2018-19, have expressed deep concerns over the changes in Income Tax Ordinance which would compound tax burden on impo...

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