Valid and timely warning by President FPCCI

Since its inception, the FPCCI is working to help the government giving them timely advice mainly to the requirements of the private sector so that business community feels comfortable and concentrate on their production to generate much needed foreign exchange. To attract foreign investment the investors need hassle free atmosphere and one window operation. If we go on the statement by government and concerned officers there are no problems, but that is not correct. One window operation much talked about has many mini windows that scare the investors.At every step to move the file money is demanded depending on the cost of the project. The FPCCI works as watch dog and acts as a bridge between the private sector and the Government.However, it is an open secret that most of the workable suggestions are not considered. It has been observed that some suggestions of FPCCI are implemented by changing the words and no credit is given to the originator FPCCI
The FPCCI is backbone of business community. FPCCI is backbone of investors. FPCCI is major player of local and foreign investors. FPCCI is backbone in earning foreign exchange. FPCCI is backbone of small trader. FPCCI is backbone of economics of the country. FPCCI is the only authority on businesses. FPCCI represents Pakistan in different parts of the world to attract investors. FPCCI always playing an active role in promoting economic activities and identifying problems of trade, industry, services, investments, environment and safeguarding the interest of the private sector through constant liaison with the Ministry of Commerce and the Prime Minister, It is so unfortunate that commerce ministry is never friendly with FPCCI whereas they should be given highest priority in all business issues.
It is first time in the history of Pakistan that a very bold statement has been made by Atif Ikram Shaikh President FPCCI on behalf of business community and traders who are hard hit by the current budget. While addressing a press conference in Federation House he rightly criticisied the government openly for their wrong policies. Promises of ease of doing business perhaps have been drowned in Arabian Sea. He criticised the IPP’s who are sucking blood of people and are responsible in closing businesses due to higher cost of electricity and other utilities. It is feared if the preset state of affairs is not attended remaining industry shall face enclosure. Government does not realise closing businesses means no production. If no production there will be no export. No export means no foreign exchange. No foreign exchange means no import of important items. There are 90 IPP’s but we are concerned with 42 IPP’s that belong to elite of the country controlling the economy. His golden words that protecting 42 individuals at the cost 230 million people is not at all justified. We are paying heavy cost to these IPP’ even when the plant is shut down.Allah SWT should help people in punishing those who are creating problems for common man. Look any electricity bill it includes multiple taxes never heard and people are forced to pay these exaggerated bills. People are on streets in most of the cities.That’s no way of running state affairs. President FPCCI has warned the government to immediately review the contract of IPP’s and enter in to dialogue to reach to an amicable solution.
Let us see our loan conditions of IPP’s. It has been anticipated that capacity payments of Rs2.1 trillion will be paid to the IPPs during the fiscal year 2024-25 that means higher cost of electricity resulting in further closure of industries. Apart from this a total of 21 IPP projects are going on in Pakistan under the China-Pakistan Economic Corridor (CPEC), including eight projects of coal, four projects of hydel power, eight wind power and one transmission line. The total outstanding debt of Chinese IPPs stands at USD 15.36 billion.
Keeping in view the state of affairs we have no money except to borrow print notes that too only to pay interest. A case of economic collapse
It was suggested to government notwithstanding who is the President of FPCCI, he should be appointed as special assistant to Prime Minister on Business matters in the larger interest of business community and people of the country.Let us not further damage the economy of the country.The cost of business must be reduced by 30% to provide relief to small traders and business owners at large. Imposing taxes beyond the capacity of business is temporary solution and cannot substitute permanent solution
There is no shortage of remarkable ideas, what is missing is the will to execute them.