KARACHI: Officials of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) have revealed that the industrialists of Karachi and Balochistan are being extorted with extortion slips as well as by stopping their vehicles.
While addressing a press conference at the Federation, FPCCI Senior Vice President Saqib Fayaz Magu and Vice President Nasir Khan said that the industrialists of Balochistan, including Karachi, are being demanded extortion by stopping the vehicles along with extortion slips. Although the law and order situation is much better than before, the business situation in Balochistan is not better at all.
He said that the border trade is badly affected, Balochistan has 7 billion tons of copper reserves and 5.50 billion dollars can be earned from the minerals of Balochistan, so the entire Balochistan should be declared as Special Economic Zone.
Saqib Fayyaz Magu said that the country’s economic data is looking good, the value of the rupee is stable, the inflation rate has dropped to a 44-month low of 7% and the trade deficit is decreasing.
He said that the rate of interest has been reduced from 2.50 percent to 15 percent but the amendments made in the Petroleum Act, 1934 are not in any way for the betterment of the business.
The business leader demanded that the government should give a quasi-export policy, local industries should be included in the quasi-export finance excise, exporters should be brought under the regular tax regime.
He said that there are many opportunities to set up industries in Balochistan.
Vice President FPCCI Nasir Khan said that Balochistan has been suffering from deprivation for a long time, the problems of Balochistan must be solved together, there is no industry in Balochistan.
He said that since 75 years they have been saying that Balochistan is a deprived province, economic activities are affected due to terrorism.
Vice President FPCCI said that unemployment is the biggest problem in Balochistan, 71% of the population of Balochistan is suffering from poverty.
He said that the businessmen of Balochistan pay duties and taxes, heavy bribes are taken for the goods coming from Afghanistan, now money is taken everywhere from the freight vehicles going from Balochistan to Punjab.
Nasir Khan said that relief should be given to those who set up industries in Balochistan, if the industry is to be promoted in Balochistan, the investors should be supported there, if tax relief is given then the industry will also be set up in Balochistan.
He said that there is already no industry in Balochistan, now trade is also closed, but there are many business opportunities in Balochistan.
He said that the insurance companies in Balochistan have refused to insure the goods, due to the closure of trade, the stranded goods are being returned.
He said that anti-trafficking is a very good initiative by the government, but an alternative initiative should be taken.
Vice President FPCCI said that commercial banks have declared Balochistan as a red zone, if there is no credit in Balochistan, how will the industry work, so it is important to give Balochistan Bank to Balochistan like other provinces. go
Nasir Khan said that wherever there is industrial space in Balochistan, it should be declared as a special industrial zone because when people there do not have work, they will do wrong things.
