Summary Government should focus on business friendly monetary policy to accelerate economic growth.
ISLAMABAD (Dunya News) – A delegation of Islamabad Industrial Association led by its President Mian Akram Farid visited Islamabad Chamber of Commerce and Industry and congratulated Rafat Farid on assuming charge as Acting President ICCI.
Business leaders Khalid Javed, Tariq Sadiq, Mian Shaukat Masud, Ch. Waheed ud Din, Mehfooz Elahi, Muhammad Ahmed and others were in the delegation.
Vice President ICCI, Iftikhar Anwar Sethi, Ashfaq Chatha, Khalid Chaudhry, Faheem Khan, Abdul Ghaffar Chaudhry and Zia Chaudhry were also present at the occasion.
Addressing the delegation, Acting President, ICCI Rafat Farid, said local industry was facing many problems in promoting manufacturing activities due to high cost of business and stressed that government should focus on formulating a growth-oriented policy for local industry that would help industrialization and creation of new jobs.
He said that government has made five percent increase in markup rate that would have adverse impact on industrial expansion and new investment.
He said the government should focus on business friendly monetary policy to accelerate economic growth in the country.
Rafat Farid said that due to tough business conditions, there was a marked slowdown in industrial activities while many industrial units were on the verge of closure.
He said once closed, it would take long time for revival of industry and emphasized that government should create an enabling environment for industrial activities to flourish.
The ICCI acting president said that the government should not impose any new tax or enhance existing taxes for local industry in forthcoming mini-budget as further increase in taxes would badly affect the industrial and investment activities in the country.
Vice President ICCI, Iftikhar Anwar Sethi said that local industry was importing lot of raw material for manufacturing activities.
He urged that government should reduce import duty on raw material and increase duties on finished goods to strengthen the local industry.
Speaking at the occasion, President, Islamabad Industrial Association, Mian Akram Farid said that existing industrial areas have reached saturation point due to which it was very difficult to set up new industry in Islamabad and many industrialists were moving to other areas.
He stressed that government should establish a new industrial estate in the federal capital on urgent basis to promote industrial activities in the region.
He said that footpaths, roads and other infrastructure in industrial areas was in bad shape and urged that CDA and MCI should address these issues to facilitate the growth of production activities.
He said many schools and colleges have been opened in industrial areas creating traffic rush and called upon the government to shift all educational institutions from industrial areas to other places.
