(July 08, 2020)
President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, FPCCI’s Businessmen Panel Sr. Vice Chairman, and former provincial minister Mian Zahid Hussain on Wednesday said boosting production and exports in the absence of enabling environment and delay in refund payments is self-deception. The business community is facing a demand shock amid unfavourable circumstances, virus disruption and increasing energy prices, he said.
Mian Zahid Hussain said that exporters are facing issues like non-payment of refunds, delayed payment by importers and liquidity crunch which is bankrupting them.
Talking to the business community, the veteran business leader said the largest export earner sector of textile is also facing serious issues which should be resolved otherwise there will be no benefit of reducing interest rates.
The former minister noted existing conditions may result in the closure of industrial unite to fan unemployment as the calls of exporters to restore zero-rating is falling on deaf ears.
He said that ministers and FBR officials have repeatedly claimed that refunds would be paid within 72 hours because of new system Faster but it has not come true. The new system remains out of the order and presently it is not working for a month.
The new system should be scrapped as it has not served anyone and exporters are facing problems to fulfil their commitments. Many exporters are getting costly loans from the market to keep their reputation.
He said that local investors are facing many problems which must be resolved otherwise it will be increasingly difficult to lure foreign investors.
He said the new Chairman FBR Javed Ghani is a senior and honest officer and the business community supports his appointment. If he is allowed to work, he will transform the institution for good increasing revenue and resolving outstanding issues of the business community.