KARACHI: President of Korangi Association of Trade and Industry (KATI), Faraz-ur-Rehman, stressed the urgency of enhancing exports, citing a 5% decline from July to September compared to the previous year.

He said this during a meeting at the Islamabad Chamber of Commerce and Industry (ICCI). He urged the government to prioritize resolving export sector’s challenges, advocating for streamlined access to loans for exporters. Rehman pointed to the hindrance posed by the current 22% interest rate, contributing to a substantial 290% decrease in private sector loans from July to October.

Ahsan Zafar Bakhtawari, President of ICCI, emphasised the need for a business-friendly tax system to boost tax revenue.

He said reforms are essential to encourage taxpayers and ensure the promised addition of 1.5 million new taxpayers by June 2024. Bakhtawari argued that simplifying the tax system and reducing high tax rates would be more effective than simply appointing additional tax officers.

Khalid Iqbal Malik, the group leader of ICCI, underscored the pivotal role of the business community in driving the economy.

He called for comprehensive consultations with all major chambers of commerce and associations to formulate effective short-term and long-term economic recovery policies.

Former president of ICCI and UBG Secretary General, Zafar Bakhtawari, credited that UBG is looking forward to victory in the Federation of Pakistan Chambers of Commerce and Industry elections with the support of the Korangi Association of Trade and Industry.

Copyright Business Recorder, 2023