Daily Times

ISLAMABAD: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Monday said the government should improve exports and tax collection to keep deficit in limits, as scaling down developmental budget by 24 percent is not in the national interest.

External sector should get attention it deserves while tax net should be broadened and smuggling should be contained, said FPCCI President Abdul Rauf Alam.

In a statement, he said that refunds worth billions should be immediately released and textile sector should be preferred in it as it’s the backbone of the economy, adding that trade relaxations would only work if the export environment is enabled, which requires provision of sustainable and low cost energy.

The FPCCI president said that low oil prices and remittances have helped country a lot but development is linked to exports otherwise forex reserves will come under pressure.

Lauding the statement of finance minister Ishaq Dar in which he ruled out another IMF programme, he said that government should focus on value addition, expedite import of LNG and establishment of new terminals and try to import gas from Iran as soon as possible.

Rauf Alam said that the trade policy is a good initiative that must be implemented in letter and spirit without wasting any time.

Meanwhile, Federation of Pakistan Chamber of Commerce and Industry (FPCCI) President Abdul Rauf Alam has reappointed Mehmood Arshad as FPCCI Standing Committee on ‘Islamic Banking & Takaful’ chairman for the year 2016, in recognition of his services as chairman of the same committee during preceding year.

His nomination is reflective of the confidence reposed in him by the President FPCCI, in view of his contribution he rendered to achieve the objectives of the committee to promote the interest free Islamic Financial System in Pakistan and to create awareness amongst the business community about Islamic Banking and Takaful. President FPCCI has also congratulated him and has assured his full support for successful execution of Standing Committee’s plans set for the year 2016.

Expressing his views on his appointment Mehmood Arshad assured that his team will keep continue their efforts to eradicate the misconceptions about Islamic Banking & Takaful in the business community of Pakistan through continuation of the same practical initiatives which were taken last year. Mehmood Arshad is associated with Pak-Qatar Takaful Group and also the Founder of TAWUN. He is also on the Board of Directors of some important Business Councils where he is playing active and leading role to promote country’s exports and investments in Pakistan.