ISLAMABAD: President of the Islamabad Chamber of Commerce and Industry, Sardar Tahir Mehmood, has expressed the hope that the forthcoming federal budget would be business supportive, export-oriented and investment-friendly to provide relief not only to the salaried class but also to attract foreign direct investment and stimulate sustainable economic growth in the country.
He expressed these views while talking to a group of visiting businessmen at the Chamber House on Thursday.
Sardar Tahir Mehmood stated that Pakistan’s economy is passing through a critical phase, the upcoming budget should focus on restoring business confidence, promoting industrialisation, enhancing exports and creating a conducive environment for local as well as foreign investors.
He stressed that the private sector must be facilitated through pragmatic and growth-oriented policies to enable it to play its due role in economic recovery and national development.
The ICCI President emphasized that the taxation system should be rationalized and simplified in order to reduce the burden on the business community and encourage documented economic activity.
He observed that excessive taxation and complicated procedures discourage investment and hamper the growth of businesses, particularly small and medium enterprises.
He maintained that the business community should be allowed to operate freely and independently so that Pakistan could emerge as a vibrant business and trade hub in the region.
Sardar Tahir Mehmood also appreciated the Prime Minister Shehbaz Sharif for directing the relevant authorities to formulate a practical strategy to promote investment in the construction and housing sector and ensure its implementation.
He pointed out that Pakistan is currently facing a deficiency of around 20 million housing units and urged the government to introduce a comprehensive One Window approval mechanism to facilitate investors, builders and developers in the housing and construction sectors.
The ICCI President also called for the immediate abolition of super tax, stating that it has placed an additional financial burden on businesses and industries at a time when they are already struggling with rising operational costs and economic uncertainty.
He maintained that reducing the tax burden would help businesses expand operations, create jobs and contribute more effectively to the national economy.
Highlighting the issue of rising electricity costs, Sardar Tahir Mehmood said that the matter of Independent Power Producers (IPPs) should be resolved once and for all in order to eliminate the heavy burden of capacity charges and ensure the availability of electricity at affordable rates for industries and consumers.
He observed that high energy costs have severely affected the competitiveness of Pakistani products in international markets and have become a major hurdle in industrial growth.
He further remarked that the real estate sector, which supports nearly 60 to 70 allied industries including steel, cement, tiles, paint, electrical goods and construction materials, deserves special attention in the larger economic interest of the country.
He emphasized that incentives for the real estate and construction sectors would have a multiplier effect on the economy by generating economic activity, boosting revenue collection and creating large-scale employment opportunities.
Sardar Tahir Mehmood reiterated that the business community expects the government to present a balanced, realistic and progressive budget that promotes investment, supports exporters, reduces the cost of doing business and ensures long-term economic stability for the country.
