Business community's issues taken up with stakeholders for early resolution: MoC

Ministry of Commerce said on Wednesday that business community's issues are being taken up with the stakeholders concerned for early resolution.

In an official statement, Commerce Ministry said that in light of Government's decision to proactively engage and solve the problems faced by Trade and Industry during Covid-19 crisis, Ministry of Commerce is regularly interacting with the Federation of Pakistan Chamber of Commerce and Industry (FPCCI) and Chambers of Commerce and Industries.

In this regard, four meetings have already been held so far on March 31, April, 1, 2 and April 8, 2020 with President of FPCCI, President of Karachi Chamber of Commerce and Industry, President of Lahore Chamber of Commerce & Industry, President of Gujranwala Chamber of Commerce & Industry, President of Faisalabad Chamber of Commerce & Industry, President of Islamabad Chamber of Commerce & Industry and Chairman EDB.

Two of these meetings were chaired by the Advisor on Commerce & Investment while two were chaired by the Secretary Ministry of Commerce.

During these meetings, representatives of trade and industry informed about the issues faced by the business community. The issues involved were related with cash flow problems, mark up on loans and maturity of letters of Credit (L/C) early refund of Sales Tax, payment of Duty Drawback and Drawback of Local Taxes and Levies (DLTL), deferring the payment of gas and electricity bills of industries, allowing confirmed export orders to be dispatched, allowing movement of workers of the three critical sectors i.e. food, pharmaceuticals and energy, finding alternative sources for the imported food items, making SOPs for export oriented industries to allow them to function and the like.

Participants were assured of early resolution of their problems by taking up these issues during the meeting of National Command and Operation Centre (NCOC) of the National Coordination Committee. Problems and issues faced by the business community were discussed in detail. Coordination with all the concerned Ministries, State Bank of Pakistan and Provincial Governments are being made to mitigate the difficulties faced by businesses community in times of national emergency.

The participants were also informed that Ministry of Commerce has already tasked its Trade and Investment Officers posted abroad to explore new and viable markets for the import of food items and to ensure that export orders of Pakistani exporters are not cancelled. Request of the importers for extension in maturity of L/Cs has also been taken up with the State Bank of Pakistan through the Ministry of Finance. It was stated that the Ministry of Commerce has already released the due payment of DLTL up to March 2020, there is currently no pendency under this head.-PR