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FPCCI

FinMin Aurangzeb engages traders over sales tax disputes

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FinMin Aurangzeb engages traders over sales tax disputes

ISLAMABAD: Finance Minister Muhammad Aurangzeb held a high-level meeting with representatives from chambers of commerce and trade associations to address the implications of Section 37A of the Finance Act 2025, News reported. The government took this step to ease tensions with Pakistan’s business community. The Ministry of Finance organized the meeting, which included participation from … Read more

CDA pledges to resolve business community’s Issues for economic growth

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CDA pledges to resolve business community’s Issues for economic growth

Islamabad: Chairman Capital Development Authority (CDA) and Chief Commissioner Islamabad, Muhammad Ali Randhawa, reaffirmed the business community’s vital role in the country’s economic progress. Speaking as the chief guest at a ceremony organized by the Islamabad Chamber of Commerce and Industry (ICCI), he assured traders and industrialists of the CDA’s commitment to addressing their concerns. … Read more

Senate chairman reaffirms support for trade bodies amid FPCCI concerns

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Senate chairman reaffirms support for trade bodies amid FPCCI concerns

Senate Chairman Syed Yusuf Raza Gilani met with a delegation led by Atif Ikram Sheikh, President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), at the Parliament House today. The meeting was attended by FPCCI Vice President Zaki Ijaz, Chairman Capital Office Karim Aziz Malik, Chairman Coordination Capital Office Sohail Hussain Malik, … Read more

Statements by non-elected and unrelated persons reveal their nefarious motives: FPCCI

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FPCCI

ISLAMABAD: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) strongly rejects the unfounded accusations leveled against its President, Mr. Atif Ikram Sheikh, by a disgruntled and frustrated member of the previous ruling group,Statements by non-elected and unrelated persons reveal their nefarious motives, these accusations come from a failed leader who suffered a resounding defeat … Read more

FPCCI celebrates World Tourism Day

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FPCCI celebrates World Tourism Day

The Federation of Pakistan Chambers of Commerce & Industry (FPCCI) celebrated World Tourism Day 2024-25 at the FPCCI President Secretariat in Islamabad on September 25, 2024. The event featured prominent international guests, including H.E. Ms. Harerimana Fatou, Ambassador of Rwanda and High Commissioner-Designate of the Republic of Rwanda, Mr. Ito Takeshi, Minister/Deputy Chief of Mission … Read more

6th of September reminds us of the spirit of great sacrifice of Our brave sons: Atif Ikram Sheikh

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6th of September

Islamabad: President Federation of Pakistan Chamber of Commerce and Industry Atif Ikram Sheikh has said in his message regarding September 6 Defense Day that the day of September 6 reminds us of the spirit of great sacrifice of our brave sons, despite the difficult economic situation of Pakistan Not oblivious to the strength of our … Read more

FPCCI paid tribute to minorities living in Pakistan for their services to the country

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Islamabad: Regarding the National Day of Minorities, FPCCI officials in their message paid tribute to the minorities living in Pakistan for their service to the country. President FPCCI Atif Ikram Sheikh has said in a message regarding the National Day of Minorities that the Constitution of Pakistan provides complete protection to the rights of minorities. … Read more

FPCCI Explores Sister City Partnership Between Islamabad and Washington D.C

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energy tax rates

ISLAMABAD: The Federation of Pakistan Chambers of Commerce & Industry (FPCCI) is pleased to announce a promising development in strengthening international relations and economic collaboration. The proposal by Mr. Atif Ikram Sheikh President FPCCI to link Islamabad and Washington D.C as Sister Cities was put forward by Mr. Malik Sohail Hussain Chairman of Coordination FPCCI, … Read more

FPCCI demands forensic audit of IPPs

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FPCCI

KARACHI: Federation of Pakistan Chamber of Commerce and Industry (FPCCI) has demanded forensic audit of Independent Power Producers (IPPs).

While address a press conference in Karachi, the Acting President of FPCCI Abdul Mohamin Khan said that a power plant was built for 50 billion and 400 billion was given to him. It is a broad daylight misuse of national exchequer and forensic audit of IPPs should be done.

Acting President FPCCI said, “If there is a problem in the contract of IPPs, then the case can be fought at the global level, factories are being closed in every sector and people are becoming unemployed”.

The leader of All Pakistan Textile Mills Association (APTAMA) Asif Inam said that IPPs have a power sale agreement and not a power purchase agreement.  He said IPPs of 16,000 MW more are coming up now.

He said that electricity consumption is 18 percent less while production is increasing. He demanded that the cheap electricity should be given to industries to increase consumption.

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Governor Khyber Pakhtunkhwa Faisal Karim Kundi visit to FPCCI Capital House

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Faisal Karim Kundi visit FPCCI Capital House

Islamabad: Governor Khyber Pakhtunkhwa Faisal Karim Kundi visited Federation of Pakistan Chamber of Commerce and Industry (FPCCI). While talking to the President FPCCI Atif Ikram Sheikh and other people from the business community, he said that Charter of democracy has been done, now there should be Charter of Prosperity. We have to pay a lot … Read more

Business community is ready to help the government in taking domestic exports to 100 billion dollars: Atif Ikram

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Business community

ISLAMABAD: President of the Federation of Pakistan Chamber of Commerce and Industry Atif Ikram Sheikh has said that the business community is ready to help the government in taking domestic exports to 100 billion dollars. The solution to energy problems in Pakistan is necessary now and must be a business-friendly environment because, Without a business-friendly … Read more

FPCCI wavier off 50% membership fee of women chambers

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FPCCI membership fee

Islamabad: Federation of Pakistan Chamber of Commerce and Industry (FPCCI) wavier off 50% membership fee of women chambers. President FPCCI Atif Ikram Sheikh said that the country and society cannot progress without the full role of women, this step is very important for women empowerment  by reducing the membership fee for women by 50 percent. … Read more

FPCCI President Calls for Rational Taxation and Consultation with Stakeholders

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President FPCCI hopeful about single digit interest rate by early 2025

Atif Ikram Sheikh, President of FPCCI, urges rational taxes and expanding the tax net instead of new taxes. He stresses the need for modernizing the tax system to ease tax compliance for businesses. Sheikh highlights the requirement for tax filers to join Pakistan’s chambers and advocates for fair taxation. Islamabad, President of the Federation of … Read more

FPCCI Willing to increase the country’s export to USD 100 billion. Atif Ikram Shaikh President FPCCI

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FPCCI Willing to increase the country's export to USD 100 billion. Atif Ikram Shaikh President FPCCI

President Federation of Pakistan Chamber of Commerce and Industry Atif Ikram Sheikh has said in a press conference that A think tank has been formed to revive the country’s economy. Former Commerce Minister Gohar Ijaz has been given leadership of the think tank. The country’s economy is facing a lot of problems at the moment … Read more

FPCCI demands revision of IMF agreement for cheap electricity

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FPCCI
  • President FPCCI categorically rejects recent hike in electricity prices.
  • He said residential consumers are unable to pay their electricity bills.
  • He proposed that government needs to negotiate with power plants.

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has demanded a review of the International Monetary Fund (IMF) agreement to provide cheap electricity.

President, FPCCI, Irfan Iqbal Sheikh  categorically and vociferously rejects the recent hike in electricity prices; because it is debilitating both for residential and commercial consumers; and, inflation already killing the businesses and rendering them unprofitable & bankrupt.

FPCCI Chief added that, currently, residential consumers are unable to pay their electricity bills across the country; and, on an average, residential and commercial consumers pay 15 – 20 percent extra in the form of uniform quarterly adjustment; fuel price adjustments and additional surcharges.

Additionally, residential consumers pay an extra 20 – 25 percent in the form of electricity duty, sales tax and income tax; and, residential consumers are subjected to pay Rs. 35.57 per kWh for off-peak load and Rs. 41.89 per kWh for peak load. It is important to note that these charges exclude taxes, fuel cost adjustments, uniform quarterly adjustments and additional surcharges.

Whereas, commercial consumers are also subject to further tax and extra tax in addition to electricity duty, sales tax and income tax. In current bills, commercial consumers are paying 37 – 40 percent of the total electricity charges in taxes and duties.

Irfan Iqbal Sheikh explained that a commercial consumer with electricity consumption of 5000 kWh is subject to pay a hefty Rs. 381,785 rupees in electricity bill. It is astonishing to note that around Rs. 135,994 rupees will go into the government pockets in the form of taxes and duties; not including additional surcharge and fuel cost adjustment.

He stressed that a better and more viable option should be explored to meet IMF’s requirement to curb circular debt and provide affordable electricity to consumers. The immediate solution to reduce the power tariff is to reduce the operational costs of all power distribution companies, i.e. withdraw the provision of free electricity to WAPDA employees; reduce transmission & distribution (T&D) losses and eliminate electricity theft.

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Bilawal Bhutto lays foundation of FPCCI Tower

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FPCCI
  • The ceremony took place during his visit to FPCCI.
  • Bilawal Bhutto invited FPCCI delegation to visit Bilawal House.
  • He extended his support to FPCCI for infrastructure development.

KARACHI: Foreign Minister Bilawal Bhutto Zardari on Saturday laid foundation of the FPCCI Tower, a monumental project that promises to elevate Pakistan’s economic landscape.

The ceremony took place during his visit to the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), the country’s apex trade body.

Addressing the ceremony,  Bilawal Bhutto said it is no less than a milestone in Pakistan’s economic history and will go a long way to support succeeding governments’ efforts to enhance Pakistan’s exports; promote industrialization; attain import substitution; forge international trade relations and sustainably achieve rapid economic growth for the future generations to come.

Foreign Minister expressed his profound satisfaction that the vision of his late mother and two-time Prime Minister Shaheed Benazir Bhutto, has reached a point where he is laying down the foundation of FPCCI Tower – a pivotal platform needed to put Pakistan on a high-growth trajectory through enabling the business, industry and trade community of Pakistan to perform to their full potential.

He also extended his support to FPCCI for the infrastructure development under a public-private partnership mechanism. We have achieved a lot in the recent past through public-private partnership in broader good of the country in general and the province of Sindh in particular, he added.

Bilawal Bhutto Zardari also invited FPCCI delegation to Bilawal House to discuss the issues affecting the exports, industry, cost of doing business, interest rate, inflation and slowed down economic growth rate of Pakistan as a result.

President FPCCI Irfan Iqbal Sheikh apprised that it is the most conspicuous highlight of his tenure as the President of the apex body; and, wants the project to be completed in the shortest possible time and serve as the nerve center for the trade, industrial, commercial and economic activities for the entire country. This is the legacy that I wanted to build, he added.

Mian Anjum Nisar pinned his hopes in the young and energetic leadership of Bilawal Bhutto on the back of his proactive role as the foreign minister of Pakistan in a short-span of 15 months.

Mian Nasser Hyatt Maggo maintained that he sees a bigger and broader role of Bilawal Bhutto in the years to come. He also pointed out that the government has missed out the private-sector in the recently formed investment council.

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FPCCI strongly condemns massive hike in petroleum products

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Petrol Price in Pakistan
  • It will further fuel the inflationary pressures.
  • The government failed to listen to business community.
  • He questioned that how existing export orders can be met.

KARACHI: President Federation of Pakistan Chambers of Commerce & Industry (FPCCI) Irfan Iqbal Sheikh has strongly condemned the massive hike in petroleum products.

It will further fuel the inflationary pressures resulting in further increase in cost of living and cost of doing business – which is already the highest in the entire region, he added.

Irfan Iqbal Sheikh explained that he forewarned the government much before that they need to address the teething problems in the import of the Russian crude, i.e. handling of oil cargoes; adjustments required vis-à-vis refining processes and commercial transactional procedures to settle oil payments.

Nonetheless, the government failed to listen to us; else, we would have more Russian crude by now, which is now more than 30 percent cheaper as compared to international markets today, he added.

He particularly highlighted that the international oil markets are in a flux and instability; and, all national & international economists agree that the demand for the petroleum products internationally will remain low for a couple of years due to slowing down of the global economy.

He reminded that just last week the government has announced PKR. 7.50 per kWh raise in electricity prices; despite FPCCI’s repeated demands that electricity and petroleum prices should be kept stable – if not subsidized or reduced for the export-oriented industry.

He questioned that how the existing export orders can be met in a profitable manner after the double blow of electricity and petroleum price hikes?

FPCCI Chief has expressed his profound concerns that domestic and international demand for Pakistani products will be at an all-time low as inflation has severely affected the purchasing power of the domestic consumers and, for international & regional markets, Pakistani products have become uncompetitive. Government policies make no economic sense, he added.

Irfan Iqbal Sheikh recalled that the government has missed all macroeconomic indicators & their targets for FY23 and, for FY24, these two bad decisions will have a lasting effect on all economic performance indicators: be it exports, industrial production, inflation, employment generation and revenues.

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Exporters demand world-class IP House in Pakistan: Irfan Iqbal Sheikh

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Exporters demand
  • IPO has conducted a session with FPCCI in Karachi.
  • He also highlighted the importance of TRIPS.
  • FPCCI will celebrate Intellectual Property Day on April 26.

KARACHI: President Federation of Pakistan Chambers of Commerce & Industry (FPCCI) Irfan Iqbal Sheikh, has demanded that the government must establish a world-class  and central intellectual property house for the business, industry and trade community of Pakistan to better protect the intellectual property rights (IPRs) of its R&D fraternity, manufacturers and exporters.

He also highlighted the importance of Trade-related Aspects of Intellectual Property Rights (TRIPS) to penetrate deeper into EU, UK, Australian, Japanese, South Korean and North American export markets.

It is pertinent to note that Intellectual Property Organization (IPO) has conducted a consultative session with FPCCI at its head office in Karachi to apprise the business community of their services  and the mechanism to protect their IPRs.

The session was attended by the representatives of various sectors and industries; and, individual cases of various producers were also discussed.

Irfan Iqbal Sheikh explained that due to lack of an efficient, central database and registration mechanism, there are thousands of IP cases pending at any point in time in the country. There is no way that Pakistan can continue to suffer the way it has in the case of basmati rice due to lack of IPRs protection in international markets; and, as a matter of fact, Pakistani basmati rice products have been selling in other countries through third parties & rebranding in an unfair manner to our own farmers, he added.

Suleman Chawla, SVP FPCCI, informed that FPCCI will be celebrating Intellectual Property Day at its head office in Karachi on 26th April 2023 to create awareness in the business community and to put forward the collective demands and complaints of the business community vis-à-vis IPRs from platform of the apex body.

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40% of rice crop affected due to floods in Sindh: Rafiq Sulaiman

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40% of
  • Pakistani rice is exported to 116 countries around the world.
  • Rafiq Sulaiman said export of basmati rice has decreased by 25%.
  • The rice exporters are suffering a lot due to the current situation.

KARACHI: Convener of Rice Exports Committee of Federation Chamber of Commerce and Industry (FPCCI), former Chairman Rice Exporters Association of Pakistan (REP) Rafiq Sulaiman said that due to flood in Sindh 40 percent of the rice crop has been affected due to which non-basmati rice exports have decreased by 15 percent and overall rice exports have also reduced.

The Federation Chamber of Commerce and Industry rice exports give suggestions to the government to improve those who are currently suffering so that the rice export targets can be achieved.

He expressed these views while addressing the third meeting of the Rice Exports Committee of FPCCI. FPCCI vice presidents Shabbir Mansha, Shaukat Ali Sulaiman, and prominent exporters of rice were also present in the meeting.

Rafiq Sulaiman said the export of basmati rice has decreased by 25 percent while the export of non-basmati has decreased by 29 percent. Pakistani rice is exported to 116 countries around the world, the current situation in which electricity, due to non-availability of gas, increasing price of petrol exporters are suffering a lot .

Rafiq Sulaiman added that there is a great demand for 386 Pakistani rice in Somalia, soon a trade delegation of rice exporters will also go to Somalia to increase the export of Pakistani rice.

Abdul Rahim Janu said that if the current situation continues, there is a possibility of a huge decrease in exports and there will be a significant decrease in domestic foreign exchange. He said that after Eid-ul-Fitr, FPCCI and Rice Exporters Association will organize a biryani festival with mutual cooperation in which ambassadors, commercial attachés, government officials of all countries will be invited.

Shabir Mansha said that Kazakhstan has emerged as a new market and direct flights are starting here from the month of April. Due to which the export of Pakistani rice can be increased in this market.

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Withdrawal of power sector subsidy will dwindle exports: Irfan Iqbal Sheikh

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Withdrawal of
  • He said Pakistani exports have declined by a hefty 18.67% in Feb.
  • President FPCCI government is not willing to accept the ground realities.
  • He said textile industry is suffering on multiple problems in the country.

KARACHI: President Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Irfan Iqbal Sheikh has forewarned that the abrupt withdrawal of power sector subsidy to appease IMF is set to decrease exports even further; which have already in decline for the last 6 months consecutively, i.e. August 2022 – February 2023 as per the numbers released by Pakistan Bureau of Statistics (PBS).

Irfan Iqbal Sheikh added that, as per the latest statistics, Pakistani exports have declined by a hefty 18.67 percent in February 2023 on a YoY matrix from $2.83 billion in February 2022 to $2.31 billion in February 2023; whereas, the government is not willing to accept the ground realities and trying to make us believe that the decline is merely in the vicinity of 10 percent.

Irfan Iqbal Sheikh mentioned that the aforementioned power subsidy had to end by June 2023 with a tangible possibility of renewal or renegotiation. However, the government has withdrawn it in the most harmful manner to the export-oriented industries.

FPCCI Chief apprised that textiles & its allied products have the lion’s share in the country’s exports and they have achieved the number of $19.3 billion exports in FY22 through their sheer hard work, entrepreneurship, competitiveness and resilience in the face of COVID-induced challenges as well.

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FPCCI concerned over budget anomalies

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FPCCI

KARACHI: Shabbir Mansha, acting president of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has expressed concerns over the glaring anomalies in the Federal Budget 2022/23, a statement said on Tuesday. “We have noticed anomalies in the Customs duty, regularity duty, income tax and sales tax,” he added. Mansha noted that the turnover … Read more

Great news for Pakistan’s business community

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Karachi: IPC strives to establish good relations between the UK Chamber of Commerce and the Federation of Pakistan Chambers of Commerce and Industry (FPCCI). The delegation led by Chairman International Professional Council (IPC) Syed Ali Amjad called on the President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Irfan Iqbal Sheikh. Mr. … Read more

Economy cannot sustain at current trade deficit: FPCCI

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FPCCI

KARACHI: The Federation of Pakistan Chamber of Commerce and Industry (FPCCI) President Irfan Iqbal Sheikh has said that the economy cannot sustain the current level of trade deficit standing at $39.3 billion for 10 months of fiscal year 2022, a statement said. He added that it translates into approximately $4 billion per month on an … Read more

FPCCI demands normal tax regime for chemical merchants

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FPCCI

KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has demanded the authorities to bring chemical merchants into normal tax regime (NTR) from existing minimum tax regime (MTR), a statement said. FPCCI President Irfan Iqbal Sheikh, while speaking with large-scale merchants from the platform of Pakistan Chemical and Dyes Merchants Association (PCDMA), expressed … Read more

Reducing audit period to three years under consideration: official

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Reducing audit

KARACHI: Federal Board of Revenue (FBR) Chairman Dr Ashfaq Ahmed has expressed his willingness to reduce the audit period to three years from the current six years, a statement said. During his visit to the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), the FBR chairman apprised that the FBR has performed well despite … Read more

Pakistan needs 7% GDP growth to ease debt burden

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Mian Anjum Nisar

KARACHI: The Pakistan government should take measures to achieve an annual 7 per cent GDP growth rate, which will not only help reduce the debt burden but also create job opportunities, said Mian Anjum Nisar, chairman of the Businessmen Panel. “There is a need for a reform agenda to achieve 7 per cent economic growth … Read more

FPCCI hails Prime Minister’s package for industry

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FPCCI

LAHORE: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Wednesday hailed Prime Minister Imran Khan’s incentives package to promote the industrial sector. In a statement, FPCCI Management Committee Chairman Irfan Iqbal Sheikh and Muhammad Nadeem Qureshi said that the county’s economic progress was directly linked with the development of the industrial sector. … Read more

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