Speakers for an ‘economic charter’ to deal with challenges facing business community

LAHORE: The speakers, in a well-attended seminar, comprising influential business community leaders in Punjab provincial capital, emphasized the critical need for an economic charter in the current business climate. Expressing dissatisfaction with government measures, they criticized what they perceived as an undue burden on traders despite purported relief initiatives.

The participants of the seminar, held in collaboration with the Chain Store Association of Pakistan (CAP), addressed the challenges and discussed the prospect of a ‘Charter of Economy’.

The various trade bodies, including Markazi Anjuman-e-Tajran Central Punjab, Super Store Association, Qomi Tajir Itehad, All Pakistan Anjuman-e-Tajran (Naeem Mir Group), Anjuman-e-Tajiran Lahore, President Hall Road Market, President Liberty Market, and President MM Alam Road Market, attended the seminar.

The seminar not only shed light on the multifaceted challenges faced by businesses in Pakistan but also marked a pivotal moment in discussions about a Charter of Economy, emphasizing the necessity for a collaborative approach, inclusive policy-making, and responsive governance to alleviate the burdens on the business community.

A focal point of the gathering was the call for an economic charter, with discussions centred on its potential role in navigating the challenging business environment. Business leaders underscored the importance of such a charter in providing a cohesive and clear framework for economic policies, offering stability and guidance to businesses facing uncertainties.

The participants voiced collective grievances, pointing to the intricate and unwieldy Federal Board of Revenue (FBR) system, which requires filing approximately 73 returns annually. This burdensome procedure tests the patience of traders.

The Chain Store Association of Pakistan (CAP) chairman Rana Tariq Mahboob highlighted businesses’ formidable challenges post-COVID-19 during his keynote address. He mentioned closures resulting from political rallies, electricity crises, smog, and security concerns. Notably, Rana Mehboob drew attention to a tax rate exceeding 110% on commercial meters, characterizing it as an additional business hurdle.

Rana Tariq stressed the unity among stakeholders, especially in formulating an economic charter that could serve as a comprehensive guide.

Answer Zahoor Butt, President of the Grand Trade Alliance, conveyed to the audience that government policies were being formulated without due consideration for input from relevant stakeholders within the community. This echoed a sentiment calling for a more inclusive and collaborative approach to policy-making.

Traders from the retail market underscored their vital role in the economy and expressed a commitment to continuing this role. However, they called upon the government to attentively listen to their issues and earnestly work towards resolving them.

Copyright Business Recorder, 2023