Karachi: Federal Minister for Finance and Revenue Muhammad Aurangzeb met with members of the Karachi Chamber of Commerce and Industry (KCCI) on July 30 to discuss the post-budget situation and address various concerns of the business community. This meeting, which included several key government officials and business leaders, focused on economic diversification, enforcement of fiscal policies, and the facilitation of trade.
According to Press Information Department, “The gathering was marked by the presence of notables such as the Federal Minister for Maritime Affairs Qaiser Ahmed Sheikh, Minister of State for Finance, Revenue and Power Ali Pervaiz Malik, and the Chairman of the Federal Board of Revenue (FBR) Malik Amjed Zubair Tiwana, among others.” Discussions centered on the structural issues facing Pakistan’s economy, notably the current account deficit, with a call for growth based on diversification and export enhancement.
The Finance Minister acknowledged the vital role of KCCI, noting that Karachi accounts for more than half of Pakistan’s textile exports. He defended the necessity of investigative audits for broadening the tax base and ensuring the country’s fiscal survival. In addition, the issue of rightsizing government entities was addressed, attributing the need for such measures to past leakages and corruption.
Significant announcements included a reduction in warehouse costs by the Karachi Port Trust and extended operational hours to support the business community. The Ministers also touched on tariff rationalization for electricity and gas to ease the cost of doing business. Furthermore, an extension for biometric verification deadlines was announced by the FBR, reflecting the government’s responsive stance to business concerns.
In closing, Minister Aurangzeb highlighted opportunities for foreign direct investment, particularly from Chinese industries, which could enhance Pakistan’s role in the global value-added production chain. He concluded the meeting by expressing gratitude to all attendees, emphasizing collaborative efforts to foster a conducive business environment.