smstahir
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The economic situation of a country depends on overall security and the availability of resources. However, a country such as Pakistan lags behind on both fronts.
Without addressing these core issues, achieving the desired economic growth will remain an unfulfilled dream for policymakers, says A. Abdullah Zaki, president of Karachi Chamber of Commerce and Industry (KCCI), in an exclusive interview with The News.
Q. The law and order situation has adversely affected business activities in Karachi. What efforts has the KCCI taken to address the situation?
A. Just like with the previous government, the KCCI is actively involved with the new government for addressing the law and order situation of Karachi. We have held several meetings with the government high-ups and chiefs of law enforcement agencies for normalcy to return to the city.
Besides, the chamber has also recommended and appealed to the authorities to implement Prime Minister Nawaz Sharifs order to block unregistered or illegal pre-paid SIMs as over 70 percent of criminal activities take place via mobile phones having pre-paid SIM cards. The government must ensure that all mobile companies discontinue the pre-paid service and after verifying the CNICs, reissue SIMs to original customers through courier service.
Q. Are you satisfied with the ongoing targeted operation in Karachi?
A. The targeted operation aims to eliminate criminal activities in Karachi. However, both the provincial and the federal governments must ensure that the operation continues and fulfills the requirements of Rangers and Police for better results.
If the operation is discontinued for any reason then the law and order situation will exacerbate further and there will by no chance of controlling criminal activities.
Q. Besides the law and order situation, what other issues are being faced by the business community?
A. Energy crisis remains one of the major issues that have hampered economic activities. Further, power shortages and low gas pressure lead to closure of industries, disrupt gas supply and create water shortages.
Q. What are your recommendations for the countrys economic recovery?
A. All the stakeholders should be taken onboard when the government formulates policies or makes significant decisions as businessmen will not support any policy that is anti-business. We get to know about several government decisions through media, as in the case of electricity tariff hike, so the government should form an economic committee comprising members of the business community, retired judges and retired federal secretaries to formulate policies and then implement them.
Q. Did the government make the right decision in seeking IMFs financial assistance?
A. The decision to go to IMF was a difficult one, but it was the only possible solution considering the prevailing financial crisis in Pakistan. The government, however, should find other avenues to general revenue in order to meet fiscal targets instead of seeking IMFs assistance in future.
Q. What are your suggestions to broaden the tax base and enhance revenue collection, especially with regard to bringing retailers into the tax net?
A. We have submitted several proposals to the government for broadening the tax base. Any attempt by the government to enhance the tax base through harassment will not be successful.
In order to bring retailers into the tax net, a nominal tax rate between Rs500 and Rs1,000 should be fixed for each retail outlet. Retailers are afraid of documentation because of tax officials coerciveness.
Q. How many joint chambers has the KCCI formed with other countries trade bodies?
A. More than 100 memoranda of understanding have been signed with our foreign counterparts to enhance trade. A KCCI delegation is going to Jakarta on October 21 to sign an agreement that will help Jakarta Chamber to form a joint chamber with the KCCI.
Q. With regard to Pak-India trade, what are your suggestions to both the countries governments?
A. Pakistan and India should expedite the process of enhancing bilateral trade for the prosperity of both nations.
http://www.thenews.com.pk/Todays-Ne...-was-difficult-but-the-only-possible-solution
Without addressing these core issues, achieving the desired economic growth will remain an unfulfilled dream for policymakers, says A. Abdullah Zaki, president of Karachi Chamber of Commerce and Industry (KCCI), in an exclusive interview with The News.
Q. The law and order situation has adversely affected business activities in Karachi. What efforts has the KCCI taken to address the situation?
A. Just like with the previous government, the KCCI is actively involved with the new government for addressing the law and order situation of Karachi. We have held several meetings with the government high-ups and chiefs of law enforcement agencies for normalcy to return to the city.
Besides, the chamber has also recommended and appealed to the authorities to implement Prime Minister Nawaz Sharifs order to block unregistered or illegal pre-paid SIMs as over 70 percent of criminal activities take place via mobile phones having pre-paid SIM cards. The government must ensure that all mobile companies discontinue the pre-paid service and after verifying the CNICs, reissue SIMs to original customers through courier service.
Q. Are you satisfied with the ongoing targeted operation in Karachi?
A. The targeted operation aims to eliminate criminal activities in Karachi. However, both the provincial and the federal governments must ensure that the operation continues and fulfills the requirements of Rangers and Police for better results.
If the operation is discontinued for any reason then the law and order situation will exacerbate further and there will by no chance of controlling criminal activities.
Q. Besides the law and order situation, what other issues are being faced by the business community?
A. Energy crisis remains one of the major issues that have hampered economic activities. Further, power shortages and low gas pressure lead to closure of industries, disrupt gas supply and create water shortages.
Q. What are your recommendations for the countrys economic recovery?
A. All the stakeholders should be taken onboard when the government formulates policies or makes significant decisions as businessmen will not support any policy that is anti-business. We get to know about several government decisions through media, as in the case of electricity tariff hike, so the government should form an economic committee comprising members of the business community, retired judges and retired federal secretaries to formulate policies and then implement them.
Q. Did the government make the right decision in seeking IMFs financial assistance?
A. The decision to go to IMF was a difficult one, but it was the only possible solution considering the prevailing financial crisis in Pakistan. The government, however, should find other avenues to general revenue in order to meet fiscal targets instead of seeking IMFs assistance in future.
Q. What are your suggestions to broaden the tax base and enhance revenue collection, especially with regard to bringing retailers into the tax net?
A. We have submitted several proposals to the government for broadening the tax base. Any attempt by the government to enhance the tax base through harassment will not be successful.
In order to bring retailers into the tax net, a nominal tax rate between Rs500 and Rs1,000 should be fixed for each retail outlet. Retailers are afraid of documentation because of tax officials coerciveness.
Q. How many joint chambers has the KCCI formed with other countries trade bodies?
A. More than 100 memoranda of understanding have been signed with our foreign counterparts to enhance trade. A KCCI delegation is going to Jakarta on October 21 to sign an agreement that will help Jakarta Chamber to form a joint chamber with the KCCI.
Q. With regard to Pak-India trade, what are your suggestions to both the countries governments?
A. Pakistan and India should expedite the process of enhancing bilateral trade for the prosperity of both nations.
http://www.thenews.com.pk/Todays-Ne...-was-difficult-but-the-only-possible-solution
