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Business Recorder
6 days ago
- Business
- Business Recorder
Federal budget bereft of pro-business, pro-industry measures: FCCI president
FAISALABAD: Chambers of Commerce & Industry (CCI) and trade associations across the country have expressed reservations about the federal budget 2025-26. SCCI organized a Press Conference in which business leaders including Rehan Naseem Bharara, President Faisalabad Chamber of Commerce & Industry (FCCI) participated through online. He termed the federal budget as an important document for the safety, solidarity and progress of Pakistan in addition to the revival of the economy. He lamented that no tangible pro-business and industry step has been proposed despite verbal assurances by the Government. He said that detailed discussion was held with the Prime Minister about the Final Tax Regime (FTR) for exporters but his assurances have also been ignored. 'Similar treatment is being meted out with the demand of exporters for the restoration of the original Export Facilitation Scheme (EFS)', he said and added that we intend to generate economic activity and enhance exports through efficient circulation of capital. He feared that the domestic industry would also become problematic if the current situation continued. He said that we were requested by the high ups to remain silent as the Government was actively considering cutting down the electricity rate to 9cent within the next two months. He said that four months have passed but exporters are not getting electricity at the regionally competitive rates. He condemned the blanket powers entrusted to the tax collectors under section 37-AA of Sale Tax Act 1990 to arrest the CEOs, Chief Financial Officers, Directors and other Company Officers and said that these powers would promote harassment, blackmailing and corruption in the FBR. He termed the business community as patriotic, adding that they are paying Rs. 1400bn towards the tax recoveries. He said that petrol levy would also be enhanced to add additional burden on the poor segments of the society. He said that no step has been taken to eliminate the non-filer category. He said that businessmen are not holding dual nationality and they would never leave Pakistan in any case. 'We would get electricity at 9cent and also play our proactive role in achieving the export target of $60bn under Uraan Pakistan program', he said and added that Finance Minister has rightly said that industrial sector is meant to generate new job opportunities but the Government was also bound to provide conducive climate to achieve this objective. He said that our businessmen are most resilient and they could achieve the target of Uraan Pakistan within three years instead of five years if favourable and pro-business conditions were provided. About the tax Anomaly Committee, Rehan Bharara said that we would identify collective issues which would be taken up with the Government. Later a joint communiqué was issued warning the Government that 'no export week' would be launched from June 20 if their genuine demands were not fulfilled. Senior Vice President Qaisar Shams Gucha, Vice President Shahid Mumtaz Bajwa and Bao Muhammad Akram Chairman APTPMA were also present during this online press conference. Copyright Business Recorder, 2025
Yahoo
03-06-2025
- Business
- Yahoo
Western North Carolina ‘open for business' to highlight tourism industry after Helene
BOONE, N.C. (QUEEN CITY NEWS) — It's 'Open for Business Week' in western North Carolina as state leaders want to drive business to the area hardest hit by Hurricane Helene. Officials want to highlight businesses, festivals, destinations and other events to promote the community. Improvements, full closure Blue Ridge Parkway postponed to accommodate Helene recovery 'Visitors are the lifeblood of the area, tourism, hospitality,' said Will Johnson, co-owner of The Todd Mercantile in Watauga County. 'Boone, West Jefferson, Todd, we're right in the middle. We rely on tubers for the river in the summer just to keep our business going.' North Carolina First Lady Anna Stein visited Watauga County Monday to highlight the initiative. It runs through Sunday, June 8. Chambers of Commerce in towns throughout WNC have individual plans on how to highlight businesses. In Boone, there will be multiple outdoor events and ribbon cutting ceremonies from mid-to late week. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Business Recorder
24-05-2025
- Business
- Business Recorder
PM assures presidents of chambers of commerce: Steps being taken to ensure access to easy business loans
ISLAMABAD: Prime Minister Shehbaz Sharif on Friday expressed determination for a historic economic victory following the country's recent military success in Marka-e-Haq against India, pledging close cooperation between the government and private sector to transform Pakistan into a global economic power. Speaking to a delegation of presidents of Chambers of Commerce from across Pakistan, he emphasised the government's commitment to protecting business rights and creating a conducive environment for profitable enterprise. 'With the grace of Allah Almighty, we will emerge as a world economic power,' he said. Sharif highlighted initiatives to boost small and medium enterprises, reduce the cost of doing business, and improve access to easy business loans. PM directs ministries to draft action plan with chambers' input He also stressed efforts to lower electricity costs and a strict stance against tax evasion. He called for the introduction of modern technology into industries and underlined the important role of women in the country's economic progress, promising full support for businesswomen. Members of the delegation paid tribute to both the prime minister and the armed forces for their 'historic win' in Marka-e-Haq and commended the government's economic policies for gradual improvements in business conditions and stock market performance over the past two years. The delegation expressed their intention to fully cooperate with the government's development agenda and public welfare initiatives. They also praised reforms at the Federal Board of Revenue (FBR) and offered suggestions to make the tax system more business-friendly. The group presented budget recommendations for the next fiscal year, which Prime Minister Sharif directed the finance minister to review. The meeting was attended by Federal Minister for Finance Muhammad Aurangzeb, Minister for Planning and Development Ahsan Iqbal, Minister for Industries Rana Tanvir Hussain, Minister for Commerce Jam Kamal Khan, Minister for Petroleum Ali Pervaiz Malik, Minister for Railways Hanif Abbasi, Minister for Information Technology Shaza Fatima Khawaja, Special Assistant Haroon Akhtar, and senior officials from relevant departments. Copyright Business Recorder, 2025
Al-Ahram Weekly
21-05-2025
- Business
- Al-Ahram Weekly
Egypt convenes high-level meeting ahead of Egypt–US Investment Forum - Foreign Affairs
Ambassador Sameh Aboul-Enein, assistant foreign minister for American affairs, chaired a high-level national coordination meeting this week to finalize preparations for the upcoming Egypt–US Investment and Economic Forum, scheduled for 25–26 May in Cairo. The forum will showcase Egypt's strategic efforts to develop priority economic sectors, including energy, information technology, industry, and healthcare. It will also highlight recent financial services, banking, transportation, and logistics reforms. More than 50 leading US companies and senior Egyptian government officials are expected to participate. Organizers say the event will offer a platform for exploring new investment opportunities, particularly in key areas such as the Suez Canal Economic Zone, which aligns with Egypt's broader development and investment goals. The forum marks the culmination of three months of coordination led by the Ministry of Foreign Affairs, with participation from various national ministries and agencies, the Egyptian Embassy in Washington, the American and Egyptian Chambers of Commerce, and the Egypt–US Business Council. Focus sectors include food and agriculture, energy, healthcare, financial services, technology, aviation and space, tourism, and logistics. Major US corporations confirmed to attend include AstraZeneca, Bechtel Corporation, Google, Meta, Microsoft, and Apache Corporation. The initiative reflects Egypt's ongoing efforts to strengthen economic ties with the United States and attract further American investment to support the country's sustainable development agenda. According to the latest data from the US Embassy in Cairo, total bilateral trade in goods between the two countries reached $6.9 billion in 2023. Egypt remains the top destination for US foreign direct investment in Africa, attracting $13.7 billion last year. More than 1,000 US-affiliated companies are currently active in the Egyptian market. Follow us on: Facebook Instagram Whatsapp Short link:
Iraqi News
09-04-2025
- Business
- Iraqi News
Al-Sudani Sponsors Signing Ceremony of Three Memoranda of Understanding in Electricity and Trade with the United States
Baghdad-INA Prime Minister Mohammed Shia al-Sudani sponsored the signing ceremony of two memoranda of understanding in the field of electricity and another one between the Iraqi and American Chambers of Commerce today, Wednesday. The Prime Minister's Media Office stated in a statement received by the Iraqi News Agency (INA): that "Prime Minister Mohammed Shia al-Sudani sponsored the signing ceremony of a memorandum of understanding, within the framework of the principles of cooperation with GE Vernova, which includes projects for combined-cycle gas-fired power plants with a capacity of approximately 24,000 megawatts, in a plan that is the largest and most modern in Iraq's history, with the possibility of securing external financing from international banks." According to the statement "Also, in the electricity sector, Al-Sudani sponsored the signing ceremony of a second memorandum of understanding, which includes principles of cooperation between the Ministry of Electricity and the UGTRenewable Group. The memorandum aims to establish an integrated solar energy project with a capacity of 3,000 megawatts, battery energy storage systems of up to 500 megawatt-hours, modernize electricity transmission and distribution lines, and construct up to 1,000 km of new high-voltage direct current transmission infrastructure. This will also include a two-year period for technology transfer, training, operation, and maintenance, with financing from the US Export-Import Bank, the UK Export Agency, and JP Morgan as the arranging bank." "The Prime Minister also sponsored the signing ceremony of a third memorandum of understanding between the Federation of Iraqi Chambers of Commerce and the American Chamber of Commerce, within the framework of strengthening and enhancing bilateral economic cooperation." The statement emphasized that "the memorandum includes nine articles aimed at expanding communication between institutions, companies, organizations, and businessmen in Iraq and the United States of America; to strengthen existing economic, cooperative, scientific, and technological relations; and to develop cooperation between small and medium enterprises in the two countries."
