Luxury items: FPCCI official for release of containers immediately

LAHORE: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Regional Chairman Muhammad Nadeem Qureshi said that all the containers of luxury items whose Bill of Lading (BOL) were generated from June 15 to June 30 should be released immediately.

The continuous increase in the dollar price is adversely affecting business activities. 5% on the shipment that comes up to June 3 and 15% surcharges on the shipment that comes after that are gross injustice.

He added that the government should not only take immediate control of the continuous increase in the price of the dollar but as well as talk to the shipping companies to eliminate the demurrage and detention charges on these containers immediately.

He expressed these views while meeting with a delegation of businessmen from the packing auto machine and material sector on Friday at FPCCI Regional Office Lahore.

He said that the government had an excellent step to issue orders to release import-banned items containers on June 30, 2022, on the demand of the FPCCI, but the importers must be given relief by eliminating the demurrage and detention charges.

He said that the government should take immediate measures to revert the trend of devaluation of the rupee to avoid more damaging consequences for the economy.

He said Prime Minister of Pakistan Mian Shahbaz Sharif and Finance Minister Miftah Ismail should intervene and control the situation. Nadeem further said that the government should clarify its position regarding SRO 598; the government should issue notification regarding their instructions so that the importers do not have to suffer huge losses.

Nadeem Qureshi said that the State Bank of Pakistan needs to detect the factors causing the constant decline in the value of the rupee and examine other activities, including unnecessary speculation in the operation of foreign exchange markets in Pakistan.

This will help stabilize the value of the rupee and restore the business community’s confidence. He added that the main reason for the decline in the value of the rupee recently is political uncertainty and instability. For the country’s sake, all political parties must come together on a platform for the Charter of Economy.

Nadeem Qureshi further said that if the situation is not favorable for business, the cost of doing business will increase, leading to our products being out of competition in the international market.

Copyright Business Recorder, 2022