ISLAMABAD, JAN 6: /DNA/ – The acting President of the Islamabad Chamber of Commerce and Industry (ICCI), Abdul Rehman Siddiqui, emphasized the pivotal role of the business community in driving Pakistan’s economy, particularly in industrial, commercial, and trade sectors. However, he pointed out that numerous challenges are hindering its progress. He added that the business community remains committed to working diligently for its economic well-being, aiming to reduce the country’s reliance on foreign debt by contributing taxes. In turn, the community only expects support, respect, and a conducive environment for conducting business.
Siddiqui specifically criticized the current tax regime, which he said imposes a heavy burden on businesses. He also highlighted the issue of harassment through unjustified tax notices, raids, and fines, which erode entrepreneurs’ confidence. He said that access to essential services like electricity, gas, and reliable infrastructure remains a significant challenge, further complicating business operations. He noted that the inconsistency in government economic policies also discourages investment, as it makes business people hesitant to invest in the country’s future.
Siddiqui also expressed concern over the business community’s lack of respect and involvement in the formulation of economic policies, further undermining its trust in the system. He stressed the urgent need for political stability and long-term economic policies that could foster the establishment of new industries, create job opportunities, and generate additional revenue for the government, thereby reducing reliance on foreign loans.
Nasir Mehmood Chaudhry, the acting Vice President of ICCI, emphasized the need for access to low-interest loans and tax exemptions to help new businesses flourish. Both the acting President and the acting Senior Vice President of ICCI pledged their full support to the government to achieve economic progress and prosperity.
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