BAFL 46.54 Decreased By ▼ -0.21 (-0.45%)
BIPL 21.04 Increased By ▲ 0.68 (3.34%)
BOP 5.54 Increased By ▲ 0.23 (4.33%)
CNERGY 4.85 No Change ▼ 0.00 (0%)
DFML 18.82 Increased By ▲ 1.67 (9.74%)
DGKC 80.50 Increased By ▲ 1.65 (2.09%)
FABL 30.95 Increased By ▲ 1.71 (5.85%)
FCCL 20.49 Increased By ▲ 0.14 (0.69%)
FFL 9.59 Decreased By ▼ -0.07 (-0.72%)
GGL 13.94 Increased By ▲ 1.19 (9.33%)
HBL 116.96 Increased By ▲ 2.68 (2.35%)
HUBC 123.62 Decreased By ▼ -0.18 (-0.15%)
HUMNL 7.98 Increased By ▲ 0.40 (5.28%)
KEL 3.52 Increased By ▲ 0.19 (5.71%)
LOTCHEM 28.59 Increased By ▲ 0.34 (1.2%)
MLCF 42.10 Increased By ▲ 0.10 (0.24%)
OGDC 123.10 Increased By ▲ 8.99 (7.88%)
PAEL 18.82 Decreased By ▼ -0.03 (-0.16%)
PIBTL 5.71 Increased By ▲ 0.11 (1.96%)
PIOC 114.50 Increased By ▲ 0.60 (0.53%)
PPL 110.98 Increased By ▲ 11.52 (11.58%)
PRL 27.52 Increased By ▲ 0.76 (2.84%)
SILK 1.08 Decreased By ▼ -0.01 (-0.92%)
SNGP 70.09 Increased By ▲ 2.69 (3.99%)
SSGC 13.18 Increased By ▲ 0.58 (4.6%)
TELE 8.81 Increased By ▲ 0.26 (3.04%)
TPLP 13.65 Increased By ▲ 0.35 (2.63%)
TRG 91.94 Increased By ▲ 6.25 (7.29%)
UNITY 26.81 Increased By ▲ 0.34 (1.28%)
WTL 1.57 Decreased By ▼ -0.01 (-0.63%)
BR100 6,544 Increased By 101.5 (1.58%)
BR30 23,210 Increased By 429.3 (1.88%)
KSE100 63,918 Increased By 961.7 (1.53%)
KSE30 21,352 Increased By 348.1 (1.66%)

KARACHI: The formal sector of economy of Pakistan’s bustling megacity, Karachi, suffers a staggering annual loss of $2.9 billion due to various mafias.

However, the situation is not unique to Karachi alone, as Pakistan ranks at a dismal 156th out of 190 countries due to a lack of effective institutional mechanisms to counter the menace of land grabbing.

These mafias, including those controlling land, water, and transport, have plagued Karachi for years, and their stronghold shows no sign of loosening.

Speaking at a press conference held at the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) head office, Irfan Iqbal Sheikh, FPCCI President expressed his concerns about the issue of land grabbing in Pakistan, particularly in Sindh province.

According to Sheikh, Pakistan ranks 156th worst out of 190 countries on the institutional mechanism to cope with land grabbing, which poses yet another challenge to the ease of doing business in the country.

Moreover, he said, as per the report of the International Crisis Group (ICG), the metropolitan city of Karachi loses $2.9 billion annually in its formal economy due to various mafias.

Sheikh stated that the illegal occupation of industrial, commercial, agricultural, and residential lands through forged documents, outright grabs or encroachments is depleting the country’s resources.

He said that he was under pressure from the business, industry, and trade community to raise this issue with the federal and Sindh governments to find a fair solution, and demanded to establish special courts for litigating land grabbing cases and that culprits be sentenced to up to 10 years in jail, coupled with recovery of land and fines.

Furthermore, Sheikh also demanded abolishing the amendment made for COVID-related circumstances in the 2012 laws applicable to land records.

To address this issue, President FPCCI called on the Sindh government to form an all-inclusive and powerful committee with the provincial revenue minister, FPCCI representatives, law-enforcement agencies’ personnel, Senior Member Board of Revenue (SMBR) Sindh, representatives of the Hyderabad Settlement & Survey Department, and members of the legal fraternity to start resolving the issues of land grabbing in an urgent, time-bound, and transparent manner.

Later, Sheikh warned that if the Sindh government did not pay attention to this issue, the business community may be left with no other option but to form a private security arrangement to protect themselves and their assets.

Mian Nasser Hyatt Maggo, former President FPCCI, suggested that digitalization and biometric verification are the only solutions.

Sheikh, along with other FPCCI officials, urged the Sindh government to take immediate action to resolve the issue of land grabbing to improve the ease of doing business in the country and ensure the protection of the lives, properties, and businesses of the taxpayers and law-abiding citizens.

Copyright Business Recorder, 2023


Comments are closed.

Land grab in Karachi inflicts $2.9bn loss on economy annually, claims FPCCI

Another day, another high: KSE-100 gains 1.5% to close near 64,000

Imran free to contest upcoming elections: caretaker PM Kakar

ADB approves $659mn project financing to support Pakistan

At least three dead in fire incident at Karachi’s Ayesha Manzil: mayor

Inter-bank: rupee registers 7th consecutive gain against US dollar

Open market: rupee’s strengthening round continues against US dollar

Security forces kill terrorist in KP’s DI Khan: ISPR

Experts see status quo in last monetary policy announcement of 2023

485 foreign players register for PSL 2024 draft

Despite Gaza death toll soaring, US unlikely to rethink weapons supplies to Israel