FPCCI slams govt’s ‘coercive actions’ against industrialists

The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has strongly rebuked the government's "coercive actions" against businessmen and industrialists. FPCCI President S.M. Tanvir, along with FPCCI Patron-in-Chief Iqbal Baig, raised concerns about the high cost of electricity for businesses, which at 17 cents is much higher than in neighboring countries. Tanvir urged the government to bring power tariffs in line with regional competitors to ensure economic growth and stability.

He also highlighted multiple taxes, institutional oversight, and fuel shortages as significant challenges facing the industry. Despite a recent reduction in power costs from 17 cents to 12 cents, Tanvir emphasized that further reductions are necessary for the industry to thrive. The high energy costs, coupled with expensive taxation, have been detrimental to business performance and competitiveness.

FPCCI's concerns extend beyond domestic issues, as Tanvir expressed worry about ongoing conflicts contributing to inflation. He noted that the Federal Board of Revenue (FBR) has been intrusive in factories, creating a tense environment for business owners. Tanvir called for the establishment of more special economic zones, similar to those in Dhabeji and Khairpur, to attract investment and boost industrial activity.

Interim FPCCI President Atif Ikram assured the business community that the organization would support them in resolving their problems. He also proposed setting up cargo services through Federal Railways, which would benefit Hyderabad's industrial sector. Masood Pervez, president of the Hyderabad Chamber of Small Traders and Small Industry, commended FPCCI's efforts and stressed the need for improved infrastructure and taxation policies for small traders and businesses in Hyderabad.