Business bodies unite on economic issues

KCCI, FCCI say high energy costs undermining competitiveness, demand tax rationalisation in upcoming budget

KARACHI:

The Karachi Chamber of Commerce and Industry (KCCI) and the Faisalabad Chamber of Commerce and Industry (FCCI) have agreed to maintain frequent interaction and structured engagements to effectively highlight and resolve pressing issues faced by the business community, according to a statement issued on Saturday.

The understanding was reached during a high-level meeting at KCCI, where a visiting FCCI delegation led by FCCI President Farooq Yousuf Sheikh, along with Senior Vice President Naveed Akram Sheikh and Vice President Engr Asim Munir, held detailed discussions with KCCI office bearers including President Muhammad Rehan Hanif, Senior Vice President Muhammad Raza, Vice President Arif Lakhani and executive committee members.

Both sides emphasised that the prevailing economic environment necessitates closer coordination, regular engagement and continuous exchange of views among chambers of commerce to ensure that business concerns are articulated in a strong and unified manner. It was mutually agreed that instead of limiting engagement to occasional events, both chambers would remain in constant contact through frequent meetings, reciprocal visits and ongoing consultations. This approach would enable timely identification of emerging issues, development of consensus-based recommendations, and coordinated efforts to engage with policymakers for prompt resolution of challenges affecting trade and industry.

During the meeting, both presidents held an in-depth exchange of views on the most pressing economic challenges currently impacting Pakistan's business landscape. Particular concern was expressed over the persistently high cost of energy, especially electricity and gas tariffs, which continue to undermine industrial competitiveness and export performance. The participants also highlighted various budgetary anomalies requiring urgent attention in the forthcoming federal budget, stressing the need for rationalisation of taxes, simplification of procedures, and introduction of business-friendly policies to revive economic activity and restore investor confidence.

Hanif stated that the business community across Pakistan is facing common challenges, which demand a collective and coordinated response. He emphasised that stronger engagement between major chambers would significantly enhance the effectiveness of advocacy efforts at the national level. Sheikh concurred and reiterated the importance of sustained interaction and institutional collaboration. He also extended a formal invitation to Hanif to visit the Faisalabad Chamber, which was accepted, further strengthening ties between the two chambers.

Both sides reaffirmed their commitment to continue working closely in the larger national interest and to ensure that issues confronting the business community are addressed through practical, timely and result-oriented policy measures.