ISLAMABAD: Business leaders have raised several critical concerns that are impeding growth, including issues surrounding security, sanitation and excessive taxation.
They pointed out that onerous tax burdens levied by the Federal Board of Revenue (FBR) and the local taxes imposed by the Capital Development Authority (CDA) were discouraging investment and creating significant operational challenges.
At a meeting with visiting business leaders on Saturday, Islamabad Chamber of Commerce and Industry (ICCI) President Nasir Mansoor Qureshi reaffirmed his commitment to resolving the pressing challenges faced by the local business community, aiming to facilitate a conducive environment for doing business and ultimately support the country’s economic growth.
He underscored the urgent need to build stronger, collaborative relationships between the business sector and government departments, emphasising that such cooperation was essential for the prosperity of both parties.
The business leaders raised concerns regarding tax burdens levied by the FBR and the local taxes imposed by the CDA.
Mr Qureshi assured the business leaders that the ICCI was actively working to attract foreign investment by improving local industry infrastructure, focusing on promoting value-added products for export and enhancing the overall ease of doing business.
He also highlighted the chamber’s ongoing efforts to create a more investor-friendly environment, one that can lead to sustainable economic growth.
In particular, he called for the personal intervention of the CDA chairman, urging him to engage directly with business leaders to address the concerns. He expressed the hope that the CDA chairman would be open to collaborating with the business community to find mutually beneficial solutions that would streamline processes, reduce unnecessary burdens and promote a more favorable climate for investment in the capital.
ICCI Senior Vice President Abdul Rehman Siddiqui provided an update on the preparations for the upcoming Ramazan Festival, an initiative by the ICCI aimed at benefiting both traders and consumers. The event, to be held in various business hubs across the capital, will provide a platform for local businesses to showcase their products and engage with the community during the festive season.
Vice President Nasir Mahmood Chaudhry also emphasised the importance of unity within the business community.
He said a collective, united approach would be crucial in creating a powerful voice capable of addressing and overcoming the challenges currently hindering the sector’s growth.
Published in Dawn, January 19th, 2025
