July 24, 2008

further line of action in respect of frequent increase in fuel prices

While addressing at the meeting of members and the representatives of local industry and business community to discuss the further line of action in respect of frequent increase in fuel prices at KCCI Auditorium today, Mr. Siraj Kassam Teli, Leader of BMG & former President KCCI uttered his great concern over the prevailing situation due to this exorbitant increase. He also added that the business community and industry has already been facing the increase in gas & electricity tariff and at the other hand confronting with fuel price hike.

Mr. Siraj Teli gave the overview of the meeting held between the representatives of business community and textile industry with Federal Finance Minister, Mr. Naveed Qamar at P.M. house Islamabad. Mr. M. Zubair Motiwala, Former President KCCI and Mr. Shamim Ahmad Shamsi, President KCCI also participated in that meeting and they convinced the Honorable Minister to reduce the gas & electricity tariff. At that time the Minister assured the representatives to resolve the matter within a week time but shockingly instead of remedy, another threat i.e. fuel price incrase has been announced by the Govt. He reiterated that there is political uncertainty in the country which is ultimately causing economic instability.

To this effect, he expressed that the purpose to call this emergency meeting is to chalk out the further plan and line of action in this regard. In these circumstances what type of role should be played by the KCCI with an aim to set direction so that the matter may be taken up with the Govt.

Mr. Siraj Teli articulated that Govt. is not interacting with us appropriately and they should visit to all the chambers. He also urged that we know that it is the tough time but there should be a formula that how to cope with these problems. The Govt. should issue a chart sharing details alongwith formula used to pass on the burden.

The Chamber while appreciating the allocation of 541 billion towards Public Sector Development Program, appealed to the Government to divert this allocation and provide relief to common men by reducing POL prices and utilize the position of this allocation towards creating new employment and to protect the jobs of already employed, which are at risk due to blooming cost of doing business in Pakistan and if some funds are not diverted towards reduction of cost, by reduction in all inputs and for continuation of support programs to enable exporters to continue their struggle in the ever competitive world market.