Enforcement of sustainable policies imperative for economic stability and progress: SCCI

PESHAWAR
President, Sarhad Chamber of Commerce and Industry Fuad Ishaq stressed enforcement of sustainable and long-lasting policies imperative for economic stability and progress.
Fuad urged policy-making institutions and bureaucracy to make consultation with chambers and other stakeholders during framing economic policies so there will be no hurdle to implement them with letter and spirit.
He suggested enforcement of the UAE-tax model in Pakistan, stating that it is the only way for making Pakistan’s economy progressive.
He called for bringing the tax rate to single digit and further reforms to broaden the tax-base through bringing new people in the net.
The SCCI chief demanded that the fiscal budget should be jointly prepared by ICAP, FPCCI and chambers.
All constitutional rights on gas, electricity and other natural resources should be ensured Khyber Pakhtunkhwa to flourish business, trade and industry in the province and create employment opportunities to youth, Fuad Ishaq stressed while speaking during an a visit of the participants of the 40th Senior Management Course Officers of National Institute of Management, Islamabad to the chamber house on Thursday. The senior officers delegation was headed by Chief Instructor Samreen Zuhra.
Abundant of natural resources available in KP despite that this province is lagging behind in race of progress with other province, Mr Ishaq said, adding that owing the front line province in terrorism, business community of this province has confronted with severe hardships and continued their business, trade and industry by rendering matchless sacrifices, which is highly laudable.
He expressed concern over putting KP in the RLNG basket despite surplus production of gas.
Similarly, he said KP is producing low cost and surplus despite charging equal electricity tariffs with major provinces, which is completely unfair and unjust.
The chamber president informed KP oil production of 31,000/per day which is 42 percent of the total production of the country, therefore he demanded establishment of an oil refinery in the province.
He said owing to the prevailing scenario, more than 400 to 600 units have shut in the province.
Fuad mentioned Pak-Afghan bilateral trade has dropped at $ 500-800million, which had touched $3billion in 2012-13, blaming inconsistent policies for declining the mutual trade volume.
The SCCI chief expressed anguish that commercial bank deposits have surged at 15-16 percent in KP against the lending ratio of less than one per cent.
He called for revival of DFIs to promote industrialization in the province. He also demanded reactivation of the IDBP in true sense.
Fuad Ishaq called for the provision of benefits under the One Belt One Road Initiative of China.
He said the law and order situation has improved in the province.
He, however, said hunger and poverty have become the cause for rising incidents of snatching, street crime.
Earlier, the senior officers were briefed about the SCCI main objectives and future plan and initiatives through a multimedia presentation.