ISLAMABAD, FEB 8 /DNA/ – Nasir Mansoor Qureshi, President of the Islamabad Chamber of Commerce and Industry (ICCI), has called for urgent action from the relevant authorities to address the mounting challenges faced by the business community in Islamabad. Speaking at a presentation in the presence of Chaudhry Mohammad Ali Randhawa, Chairman Capital Development Authority (CDA) and Chief Commissioner Islamabad during the Federation of Pakistan Chamber of Commerce and Industry (FPCCI) meeting, Qureshi highlighted the significant rise in the cost of doing business and the heavy tax burdens on local businesses, which are jeopardizing the growth of the city’s economy and could lead to the relocation of businesses abroad.
He reiterated that businesses in Islamabad have been paying higher taxes compared to other regions, a situation that, if left unaddressed, could force businesses to move overseas, further impacting unemployment rates and depriving the government of essential revenue.
“The cost of doing business in Islamabad has skyrocketed by 190%, creating an unfavorable environment for industries. This alarming trend could have devastating effects on the local economy,” Qureshi stated. He also pointed out that educated youth are already leaving the country due to diminishing job opportunities and business prospects.
Furthermore, Qureshi called for urgent reforms in the ship-breaking industry, which plays a crucial role in supplying scrap metal to the steel industry. He highlighted how excessive taxes on this sector are undermining its potential to support the country’s manufacturing industries.
The ICCI President also reiterated the business community’s commitment to working alongside the Capital Development Authority (CDA) to make Islamabad cleaner, greener, and more attractive for both residents and visitors.
On this occasion, President FPCCI Atif Ikram Shaikh, Vice President Tariq Jadoon, Chairman Capital Office Karim Aziz Malik, Chairman Coordination Malik Sohail, Chairman Founder Group Tariq Sadiq, former Presidents ICCI Khalid Javed, Mian Akram Farid, Abdul Rauf Alam and other business leaders were present in large number and expressed their support for Qureshi’s call for reforms. They also urged the authorities to create a more conducive environment for businesses in Islamabad to ensure the city’s continued economic growth and prosperity.
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