Tag Archives: KCCI

BMG leadership, KCCI Office Bearers cheer PTI’s victory in General Election

Karachi, July 26, 2018 (PPI-OT): The leadership of Businessmen Group (BMG) and Office Bearers of the Karachi Chamber of Commerce and Industry (KCCI) have extended hearty congratulations to Chairman Pakistan Tehreek-e-Insaf Imran Khan on his party’s overwhelming victory in the General Election 2018.

In a statement issued, Chairman BMG and Former President KCCI Siraj Kassam Teli, Vice Chairmen BMG and Former Presidents Tahir Khaliq, Zubair Motiwala, Haroon Farooki and Anjum Nisar, President KCCI Muffasar Atta Malik, Senior Vice President Abdul Basit Abdul Razzak and Vice President Rehan Hanif hoped that upon assuming charge of the country’s state of affairs, Imran Khan would prioritize some of the urgent economic issues being faced by the country and pay special attention to the problems being suffered by the business and industrial community of Karachi since long.

Chairman BMG and Former President KCCI Siraj Kassam Teli, while complimenting Chairman PTI on his party’s victory in majority of the seats of National Assembly Election, said that the business and industrial community of Karachi Chamber was fairly optimistic about PTI’s victory and the same was conveyed to Imran Khan during his recent meeting with KCCI leadership and Office Bearers on July 22, 2018 when a reception was hosted in a local hotel by KCCI in honour of Chairman PTI just a couple of days before the election.

He hoped that Chairman PTI would fulfill all his commitments made to the business community of KCCI, particularly his pledge towards improving the infrastructure of Karachi and resolving the issues being faced by the business and industrial community of this city which continues to contribute a mammoth share of more than 65 percent revenue to the national exchequer despite all odds.

“It is not going to be an easy task, but Imran Khan will have to express the intent, stay focused and have to honour all his commitments at any cost which would help in restoring the confidence of the entire business community of Karachi”, he said, adding that if Imran Khan actually proves and exhibits that he is the ‘man of his words’, the Karachi Chamber would continue to extend full support and cooperation to him throughout his tenure.

As advised by Chairman BMG during Imran Khan’s recent interaction with KCCI, Siraj Teli reiterated that after assuming charge, Imran Khan must gather a team of economic experts and reliable and honest members of Business Community, who have absolute know-how of the issues, on top priority from different sectors of the economy including Textile, Construction and Real Estate, Financial, Services, Agriculture, Automobile, Electronics, FMCG sectors etc.

“The proposed team comprising of genuine representatives of business and industrial community would surely be able to prudently guide the government in formulating numerous policies directly or indirectly affecting the trade and industry. This step would certainly create a win-win situation and would be warmly welcomed by the entire business and industrial community of Pakistan as it is in the larger interest of the country”, he added.

Commenting on the victory of numerous political parties from National and Provincial Assemblies seats in Karachi, Siraj Teli hoped that all these political parties would set aside their differences and make collective efforts to improve the standard of living of Karachiites and develop the business climate of Karachi which has suffered terribly since so many years.

For more information, contact:
Director Press/Electronic Media and Public Relations
Karachi Chamber of Commerce and Industry (KCCI)
Aiwan-e-Tijarat Road, Off Shahrah-e-Liaquat,
Karachi-74000
Phone: +92-21-99218001-09
Fax: +92-21-99218040
Email: info@kcci.com.pk, secretary@kcci.com.pk
Website: www.kcci.com.pk

BMG, KCCI worried over terrorist attacks on election related activities

Karachi, July 14, 2018 (PPI-OT): The leadership of Businessmen Group (BMG) and Office Bearers of the Karachi Chamber of Commerce and Industry (KCCI), while expressing deep concerns over the recent two separate terrorist attacks in Balochistan and Khyber Pakhtunkhwa in which over 150 people were killed and 200 injured, urged the Law Enforcing Agencies to take concrete steps and devise strictest strategies to thwart terrorism and ensure full-fledge security in every nook and corner of the country, particularly during the ongoing election related activities which are easily being targeted nowadays.

In a statement issued, Chairman BMG and Former President KCCI Siraj Kassam Teli, Vice Chairmen BMG and Former Presidents Tahir Khaliq, Zubair Motiwala, Haroon Farooki and Anjum Nisar, President KCCI Muffasar Atta Malik, Senior Vice President Abdul Basit Abdul Razzak and Vice President Rehan Hanif stressed that strictest strategies have to be devised by LEAs to make sure that no further terrorism incident takes place in any part of the country as a lot of sacrifices have been made since 2013 to restore peace across the country and rebuild the image of Pakistan.

Chairman BMG and Former President KCCI Siraj Teli pointed out that Pakistan stands at a very crucial juncture where foreigners have finally started taking interest and are keen to visit and invest in the country whereas the business climate is also showing some signs of improvement which is not acceptable to the anti-state elements who must be dealt with an iron hand as we cannot afford to go back into the darkness of terrorism and lawlessness.

He said that steps being taken by LEAs to strictly deal with terrorism in any part of the country will be fully supported by the business and industrial community of Karachi as the citizens of other cities, towns and villages of our beloved country are equally dearer to us. BMG Leadership and KCCI Office Bearers also expressed deep grief and sorrow over the martyrdom of Nawabzada Siraj Raisani, Balochistan Awami Party Candidate and Haroon Bilour, Awami National Party Candidate and dozens of other innocent people who were martyred in two different terrorist attacks in Balochistan and Khyber Pakhtunkhwa.

They extended their deepest condolence to the bereaved families and prayed for eternal peace to the departed souls and speedy recovery to those injured in the attacks. Expressing solidarity with the families who lost their loved ones in these tragic incidents, they said that the entire business and industrial community of Karachi was deeply saddened and they all stand shoulder-to-shoulder with their brothers and sisters in Balochistan and Khyber Pakhtunkhwa in this hour of grief.

For more information, contact:
Director Press/Electronic Media and Public Relations
Karachi Chamber of Commerce and Industry (KCCI)
Aiwan-e-Tijarat Road, Off Shahrah-e-Liaquat,
Karachi-74000
Phone: +92-21-99218001-09
Fax: +92-21-99218040
Email: info@kcci.com.pk, secretary@kcci.com.pk
Website: www.kcci.com.pk

Muffasar Malik concerned over continuous devaluation of rupee

Karachi, June 19, 2018 (PPI-OT): President Karachi Chamber of Commerce and Industry (KCCI) Muffasar Atta Malik, while expressing deep concerns over continuous devaluation of rupee against dollar, said that dollar has risen sharply to all time high of Rs122 which has to be controlled otherwise, it will have a devastating impact on the already beleaguered economy.

In a statement issued, President KCCI said that the Government recently devalued Pakistani rupee for the third time in six months and rupee continues to fall against dollar, stoking concerns that the country may have to go to the IMF for a bailout.

“We fear that the rupee may fall further in the coming months keeping in view Pakistan’s dwindling foreign exchange reserves”, he said, adding that such abrupt devaluations in the past brought about economic distress, which lasted for several years. Hence, there is no justification in repeating those actions again that have failed miserably in the past. Currency devaluation for a country like Pakistan will have negative economic implications in the long run, he opined.

Muffasar Malik further elaborated that although the exporters will be happy to see rising value of dollar and the country’s economic indicators will also display some improvement in exports but this increase can only be attributed to dollar value as the export volume remains the same, in fact, our exports have descended sharply to many destinations around the world because of rising cost of doing business. “It must be kept in mind that the rising dollar would lead to costlier imports and the exporters will also bear the brunt due to rise in cost of imported raw materials, plunging the economy into further deep crisis”, he cautioned.

He said that despite so many measures taken to discourage the imports including the imposition of Regulatory Duty on many items, Pakistan’s imports remain inelastic and a weaker rupee will not help. Mostly, they consist of raw materials (petroleum, chemicals and metals), intermediate goods or machinery. Any devaluation would increase their cost thus making Pakistani exporters less competitive.

Muffasar Malik said that it has taken almost 10 years to rebuild investor confidence to an extent as foreign investors are gradually making a comeback. If the currency is devalued, it would send a negative signal to potential investors. President KCCI further warned that the depreciation will terribly affect the lives of the masses as it will increase prices of all essential items and result in high inflation.

He was of the opinion that petroleum products have major share in import bill of the country. As oil prices in the international market are increasing, import cost will also escalate, he feared, adding that strategies have to be defined on war footing to ensure that the economy stays afloat.

“It is a well-known fact that if petroleum prices, which are already too high, rise further, it would lead to hike in prices of all the products, including fuel-based thermal power generation plants” Malik added. “When elections are around the corner and there is so much instability, the country cannot afford to make life more difficult for the poor and the middle class”, he said.

He advised that the Federal Government to take measures to stop further devaluation of rupee against dollar before its too late and a situation emerges when we have no other option but to seek support from the IMF. Steps have to be taken to create an enabling business environment which is the only way forward to pull the economy out of crisis, he added.

For more information, contact:
Director Press/Electronic Media and Public Relations
Karachi Chamber of Commerce and Industry (KCCI)
Aiwan-e-Tijarat Road, Off Shahrah-e-Liaquat,
Karachi-74000
Phone: +92-21-99218001-09
Fax: +92-21-99218040
Email: info@kcci.com.pk, secretary@kcci.com.pk
Website: www.kcci.com.pk

Muffasar Malik concerned over continuous devaluation of rupee

Karachi, June 19, 2018 (PPI-OT): President Karachi Chamber of Commerce and Industry (KCCI) Muffasar Atta Malik, while expressing deep concerns over continuous devaluation of rupee against dollar, said that dollar has risen sharply to all time high of Rs122 which has to be controlled otherwise, it will have a devastating impact on the already beleaguered economy.

In a statement issued, President KCCI said that the Government recently devalued Pakistani rupee for the third time in six months and rupee continues to fall against dollar, stoking concerns that the country may have to go to the IMF for a bailout.

“We fear that the rupee may fall further in the coming months keeping in view Pakistan’s dwindling foreign exchange reserves”, he said, adding that such abrupt devaluations in the past brought about economic distress, which lasted for several years. Hence, there is no justification in repeating those actions again that have failed miserably in the past. Currency devaluation for a country like Pakistan will have negative economic implications in the long run, he opined.

Muffasar Malik further elaborated that although the exporters will be happy to see rising value of dollar and the country’s economic indicators will also display some improvement in exports but this increase can only be attributed to dollar value as the export volume remains the same, in fact, our exports have descended sharply to many destinations around the world because of rising cost of doing business. “It must be kept in mind that the rising dollar would lead to costlier imports and the exporters will also bear the brunt due to rise in cost of imported raw materials, plunging the economy into further deep crisis”, he cautioned.

He said that despite so many measures taken to discourage the imports including the imposition of Regulatory Duty on many items, Pakistan’s imports remain inelastic and a weaker rupee will not help. Mostly, they consist of raw materials (petroleum, chemicals and metals), intermediate goods or machinery. Any devaluation would increase their cost thus making Pakistani exporters less competitive.

Muffasar Malik said that it has taken almost 10 years to rebuild investor confidence to an extent as foreign investors are gradually making a comeback. If the currency is devalued, it would send a negative signal to potential investors. President KCCI further warned that the depreciation will terribly affect the lives of the masses as it will increase prices of all essential items and result in high inflation.

He was of the opinion that petroleum products have major share in import bill of the country. As oil prices in the international market are increasing, import cost will also escalate, he feared, adding that strategies have to be defined on war footing to ensure that the economy stays afloat.

“It is a well-known fact that if petroleum prices, which are already too high, rise further, it would lead to hike in prices of all the products, including fuel-based thermal power generation plants” Malik added. “When elections are around the corner and there is so much instability, the country cannot afford to make life more difficult for the poor and the middle class”, he said.

He advised that the Federal Government to take measures to stop further devaluation of rupee against dollar before its too late and a situation emerges when we have no other option but to seek support from the IMF. Steps have to be taken to create an enabling business environment which is the only way forward to pull the economy out of crisis, he added.

For more information, contact:
Director Press/Electronic Media and Public Relations
Karachi Chamber of Commerce and Industry (KCCI)
Aiwan-e-Tijarat Road, Off Shahrah-e-Liaquat,
Karachi-74000
Phone: +92-21-99218001-09
Fax: +92-21-99218040
Email: info@kcci.com.pk, secretary@kcci.com.pk
Website: www.kcci.com.pk

20 pc increase in shop rent of KMC owned markets be immediately withdrawn: Muffasar Malik

Karachi, May 08, 2018 (PPI-OT): President Karachi Chamber of Commerce and Industry (KCCI) Muffasar Atta Malik has requested Sindh Minister for Local Government Department Jam Khan Shoro to issue directives to Karachi Municipal Corporation (KMC) for immediate withdrawal of 20 percent increase in shop rent of KMC owned markets announced last year which appeared in the Challans of January 2018.

In a letter issued to Jam Khan Shoro, President KCCI pointed out that hundreds of Small Traders/ Shopkeepers whose business units/ shops are situated in 91 markets owned by KMC approached Chairman of KCCI’s Special Committee for Small Traders Abdul Majeed Memon so that the Karachi Chamber could take up this serious issue with concerned quarters as their shop rent has been raised exorbitantly.

President KCCI informed that in 2007, the then Mayor Karachi increased the shop rent by 50 percent while the transfer fee was also enhanced from Rs.5,000 to 25,000 and it was assured that the transfer fee and rent will not be increased further. However, KMC once again raised shops rent by 15 to 35 percent in 2015 which was followed by another 20 percent hike in 2017, making it impossible for majority of the shopkeepers to pay such an exorbitant rent.

Muffasar Malik, while requesting to withdraw 20 percent increase in shop rent, suggested that the shop rent should only be increased by 5 percent which should be applicable from January 2018 and this rent should be increased again by 5 percent after an interval of at least 3 years. President KCCI said that it has always been one of the top priorities of Karachi Chamber to pay special attention to the issues being suffered by Small Traders/ Shopkeepers of the city as we firmly believe that these small traders are undoubtedly the backbone of our country.

“KCCI leaves no stone unturned to resolve the issues of Small Traders/ Shopkeepers keeping in view the massive number of employment opportunities being generated by them and also their contribution towards the economic development of the country”, he added. Keeping in view the support and cooperation being extended by Sindh Government to the business and industrial community from time to time, President KCCI was fairly optimistic that Sindh Minister for Local Government would certainly pay special attention to this issue and direct concerned officials to provide relief to perturbed small traders/ shopkeepers.

“Many of these shops at KMC markets are being run by those individuals who are vegetable and fruit sellers, cobblers, newspaper hawkers, carpenters, welders and motor mechanics etc. who simply are not in a position to pay such an exorbitant rent because of their limited earnings and they are hardly able to earn their daily bread and butter. Hence, the government should act sensibly and refrain from creating further hardships for them as they are already overburdened in the ongoing era of inflation”, he added.

For more information, contact:
Director Press/Electronic Media and Public Relations
Karachi Chamber of Commerce and Industry (KCCI)
Aiwan-e-Tijarat Road, Off Shahrah-e-Liaquat,
Karachi-74000
Phone: +92-21-99218001-09
Fax: +92-21-99218040
Email: info@kcci.com.pk, secretary@kcci.com.pk
Website: www.kcci.com.pk

Envoy advises KCCI to have more interaction with Turkish counterparts

Karachi, May 04, 2018 (PPI-OT): Turkish Consul General in Karachi Tolga Ucak has advised the Karachi Chamber of Commerce and Industry to have more interaction with their counterparts in Turkey and the business and industrial community should focus on ‘innovation’ particularly in the textile sector with a view to improve the existing trade volume, besides taking steps to promote tourism opportunities in both countries.

Speaking at a meeting during his visit to KCCI, Turkish Envoy asked Karachi Chamber to further enhance its linkages with Istanbul Chamber of Commerce and Industry which would certainly prove beneficial for the business communities of the two brotherly countries. “KCCI should organize visits of maximum number of trade delegations to Turkey which would certainly pave way for smooth trade and investment between the two countries”, he added.

Commercial Counsellor of Turkish Consulate Murat Mustu, President KCCI Muffasar Atta Malik, Senior Vice President Abdul Basit Abdul Razzak, Vice President Rehan Hanif and KCCI Managing Committee members were also present at the meeting. Turkish Envoy further stated that Pakistan and Turkey can benefit from each other’s experiences and expertise in different sectors of the economy.

He said that Business-to-Business and People-to-People contacts have to be promoted between the two countries whereas exchange of students must also be encouraged. “Turkish students can learn good English from some of the finest colleges and universities in Pakistan”, he added.

Tolga Ucak, while expressing satisfaction over improved security environment in Karachi and other parts of the country, stressed the need to introduce Karachi to Turkish people as a safe and interesting tourism destination and hopefully more Turkish tourists would come to Pakistan. “A small office should be established in Istanbul to acquaint Turkish tourists about the tourism potential of Pakistan”, he added.

Speaking on the occasion, Commercial Counsellor of Turkish Consulate Murat Mustu said that they want to finalize Free Trade Agreement between Pakistan and Turkey as soon as possible. “However, negotiations on finalizing FTA may face some delays because of the elections in Pakistan and Turkey this year. FTA should be finalized in such a manner that it creates a win-win situation for both the countries”, he added.

Earlier, President KCCI Muffasar Atta Malik, while welcoming the Turkish Consul General, expressed concerns over low trade volume of around US$700 million between the two countries which has to be improved by making collective efforts. He said that Karachi, being the economic and financial hub of Pakistan, offers profitable opportunities and added facilities for investment and joint ventures to investors from Turkey. “Karachi is an attractive place for Turkish investors, who can surely earn maximum profits by setting up their businesses or undertaking joint ventures here”, he added.

Muffasar Malik stressed that the Karachi Chamber is keen to strengthen trade ties and explore new bilateral trade prospects with Turkey as we strongly believe that Pakistan’s improved relations and enhanced trade with countries like Turkey would surely help in dealing with the ongoing economic crisis and ensure prosperity for both countries. “I believe there is a huge potential to enhance trade between Turkey and Pakistan. In this regard, both countries can exchange several commodities of interest between each other”, he added.

He said that the Karachi Chamber wants to promote business, mutual understanding and friendly relations between Pakistan and Turkey. “We also want to promote Turkish investment in Pakistan and do everything for the development of Pakistan – Turkey business cooperation.” In response to Turkish CG’s suggestion, President KCCI assured to look into the possibility of sending KCCI’s delegation to Turkey this year.

For more information, contact:
Director Press/Electronic Media and Public Relations
Karachi Chamber of Commerce and Industry (KCCI)
Aiwan-e-Tijarat Road, Off Shahrah-e-Liaquat,
Karachi-74000
Phone: +92-21-99218001-09
Fax: +92-21-99218040
Email: info@kcci.com.pk, secretary@kcci.com.pk
Website: www.kcci.com.pk