2 percent cut in interest rate not in line with declining trend in inflation
Acting President Karachi Chamber of Commerce & Industry (KCCI) Altaf A. Ghaffar, while commenting State Bank’s decision to reduce the interest rate by 2 percent to 17.5 percent, stated that although KCCI was expecting substantial reduction in interest rate by at least 5 percent but it has been reduced by 2 percent only which neither enough nor in line with the declining trend in inflation which has come down to single digit.
Adil Aziz
KCCI wants substantial reduction of 500 basis point in policy rate
Chairman Businessmen Group Zubair Motiwala and President Karachi Chamber of Commerce & Industry (KCCI)Iftikhar Ahmed Sheikh have advised the State Bank of Pakistan (SBP) to announce a substantial reduction in interest rate by at least 500 basis points to bring the existing interest rate down to 14.5 percent from the existing 19.5 percent in the next monetary policy statement as the inflation continues to descend to reach 9.6 percent in August whereas the Moody’s recently upgraded local and foreign currency issuer and senior unsecured debt ratings to Caa2 from Caa3.
KCCI demands release of pending Rs.33 billion against incremental consumption
President Karachi Chamber of Commerce & Industry (KCCI) Iftikhar Ahmed Sheikh, while referring to his discussions with industrial town associations in connection with delays in release of funds against incremental consumption of electricity during COVID-19 pandemic, urged the government to immediately release the remaining amount of Rs.33 billion to Karachi industries so that their grievances could be minimized to some extent.
KCCI, SAI urge KE to fully restore electricity to Site industries
President Karachi Chamber of Commerce & Industry (KCCI) Iftikhar Ahmed Sheikh and President Site Association of Industry (SAI) Mohammad Kamran Arbi, while expressing deep concerns over delays in restoration of electricity supply to industries in Site, stated that 07 days have passed so far since a fire incident occurred at Haroonabad Grid Station but K-Electric (KE) has failed to fully restore electricity supply to industries in site area, which has resulted in causing grave losses to industrialists.
Mehfooz
Poland-Pakistan trade volume more than US$920 million: Polish Ambassador
The Ambassador of Republic of Poland Maciej Pisarski has informed that the overall trade volume between Poland and Pakistan has reached to more than US$920 million, of which Pakistan exported goods worth US$800 million due to GSP Plus arrangement which gives duty free access of Pakistani goods to Polish Market whereas Poland’s exports to Pakistan stood at US$128 million last year.
High Commissioner urges business community to have duty free, quota free access to entire Africa via Mauritius
High Commissioner of Mauritius Rasidally Soobadar has urged the business community of Karachi to use Mauritius, which is ranked at 13th position in ease of doing business index, as a hub or gateway to access to 54 countries in the African Market.
Efforts underway to bring Ethiopia’s cargo services to Pakistan: Jemal Abdula
Ambassador of Ethiopia Jemal Beker Abdula, while referring to successful operations of Ethiopian Airlines which has been flying four times a week from Karachi, stated that keeping in view the enhanced people-to-people and business-to-business linkages between the two countries, efforts were being made to further expand flight operations of Ethiopian Airlines to daily basis from Karachi which would certainly be instrumental towards Pakistan’s Look & Engage Africa Policy by connecting Pakistan with over 70 destinations in Africa.
Business community must take advantage of DCTS for enhancing exports to UK: Dr. Kristy
Leader of UK-Pakistan Inward Trade Mission Dr. Michelle Kristy, while advising the business community of Karachi to take advantage of Developing Countries Trading Scheme (DCTS) introduced by UK, said that as DCTS could enable more trade flow between UK and Pakistan, this was a very good time to explore the benefits of exporting to UK or vice versa.
Pakistan and Turkiye business community wanted to increases the volume of bilteral trade
Consul General of Turkiye Cemal Sangu has said although Turkiye and Pakistan have been cooperating in many fields of trade and economy but the existing trade volume was very low which requires very hard work from the business communities of both countries.
Zaidi grills Shipping Cos, vows to go tough against exorbitantly high, unlawful charges
Chairman Karachi Port Trust (KPT) Syed Syedain Raza Zaidi, after listening to the grievances being faced by business community due to exorbitantly high and totally unjust charges, grilled Shipping Companies for terribly looting traders by overcharging under various headers without any justification.