The Karachi Chamber of Commerce and Industry (KCCI) has recommended Ministry of Commerce to establish a Research and Development Authority. In a communication to Federal Minister for Commerce Makhdoom Amin Fahim, KCCI President Abdul Majid Haji Muhammad said that the time has come and business community is expecting concrete measures from the government in the area of research and development for resolving all our ills and odds being faced by trade and industry.
The Prime Minister should head such authority, while supporting trade and all other development for bringing the needful diversity and change for the betterment and socio-economic development of Pakistan. He said that some core issues affecting business sector occurred due to economic crises and internal problems including internal and external threats in the form of economic recession, rising inflation, dwindling local and foreign investment, high cost of manufacturing and doing businesses, hike in power and gas tariffs, multiplicity of taxes and high interest rates.
He noted that these problems have been time and again discussed with the high government officials like President, Prime Minister, Chief Minister Sindh, federal and provincial ministers but no to avail. He demanded that implicit measures should be taken to address the genuine demands of business community.