KARACHI: Federation of Pakistan Chambers of Commerce & Industry (FPCCI) President Sheikh Khalid Tawab has urged the government to turn down the proposals of shifting the Trade Development Authority of Pakistan’s (TDAP) head office from Karachi to Islamabad.
According to the FPCCI the decision would create unrest among those member trade bodies that have strongly condemned the proposed decision. This change would adversely affect manufacturers and exporters, Tawab argued. He said Pakistan’s exports are declining due to a slump in global market and even the provision of the Generalised System of Preference (GSP) Plus status could not salvage the situation.
Pakistan’s erosion of competitive edge of indigenous products against foreign goods in the international market is mainly due to the high cost of exports and inordinate delay / non-payments of sales tax refund claims within the stipulated time.
He said that the decision would serve as a catalyst for a further drop in exports. Therefore, in this backdrop, the government should not take such an unnecessary decision.
He argued that Karachi is the financial and commercial capital of Pakistan in line with its status as a major port and the country’s largest metropolis. It generates a lion’s share of more than half of the total collection of Federal Board of Revenue (FBR) out of which approximately 50% are from customs duty and sales tax on imports.
According to Tawab, Karachi’s strategic location is a gateway to Middle Eastern and European countries, is considered the ideal destination for foreign and local investment.
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