KARACHI, Dec 2: Karachi business leaders have stressed the need for a closer cooperation and active coordination between the government and the private sector to bring down interest rates of banks, cut utility tariffs and energy costs, contain inflation and restore law and order so as to revive closed industrial units, generate employment and enliven business environment in the country.
Responding to an appeal by Prime Minister’s Advisor on Finance, Mr Shaukat Tarin, to cooperate with the government in the implementation of a reforms agenda, the President of Karachi Chamber of Commerce and Industry, Mr Anjum Nisar, at a businessmen forum on Monday evening pleaded for immediate reduction in banks’ interest rates to a single digit, review of gas, electricity and energy tariffs and other related issues.
“The government must take appropriate steps to bring down cost of production and cost of doing business,’’ the KCCI chief pleaded as he said that these steps would enliven business environment and motivate both industrialists and workers to collectively work for boosting production and pushing up exports.
He was critical of complexity of taxation system and demanded immediate one per cent cut in general sales tax.
He also demanded that the industry be exempted from levies, like social security, and instead workers be given security cover under insurance.
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Anjum Nisar also pointed out that Afghanistan Transit Trade agreement signed 43 years ago had now become a conduit of quasi smuggling because bulk of the items are marketed in Pakistan instead of Kabul which is hurting local industry.
Siraj Kassem Teli, leader of the Businessmen Group in the Karachi Chamber of Commerce and Industry, in his brief remarks took exception to veiled threats and baseless accusations of Indian leaders on Pakistan in Mumbai terrorist attacks.
He declared that Karachi business community would be with defence forces against any aggression.
Teli too pleaded for a joint government-private sector mechanism to review interest rate, utility tariffs and all other business related issues.
He also demanded a critical and analytical review of seven per cent bank spread which is main cause of high interest rates in Pakistan.
Teli also raised the issue of arrest and implication of top money changers in a criminal case and informed Prime Minister’s advisor that all businessmen, particularly those in money exchange companies, are confused and agitated.
Zubair Motiwala, a former President of Karachi Chamber of Commerce and Industry, pleaded for more support to agriculture, particularly the seed industry and strengthening of canals.
Prime Minister’s Adviser on Finance Shaukat Tarin endorsed the proposal of cooperation between the government and private sector in implementation of social and economic reforms.
He promised to provide representation to private sector in framing of policy and implementation. About IMF package, Mr Tarin said the conditions were soft.
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