The president of the Korangi Association of Trade and Industry (KATI), Tariq Malik, has demanded the release of stuck up refund payments against custom duty drawback and taxes. He said that to resolve this long pending issue, KATI will stand by whatever strategy is finalized by the business community. Tariq Malik said that the country's economy is facing its worst burden and the trade deficit has reached its highest, while foreign reserves were dropping drastically.
He said that the government has promised several times to issue refunds but failed to do so. He praised the chief of UBG, S.M Muneer, for his efforts to resolve the refund issue. Tariq Malik referred to the statement by Prime Minister Shahid Khaqan Abbasi regarding reduction of the cost of doing business, which was appreciated by the business community. "And now we hope that he will also take appropriate measures for payments of the refunds," he added. He said that industries was facing big challenges. He said that these challenges are hurdles in the way of the country's industrialization, warning that if the challenges are not resolved the national economy could collapse.
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