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Business Recorder
3 hours ago
- Business
- Business Recorder
KCCI praises faceless customs assessment system
KARACHI: President Karachi Chamber of Commerce & Industry (KCCI) Muhammad Jawed Bilwani has said that only those individuals who are engaged in mis-declaration, under-invoicing, or other malpractices have faced difficulties under the new system. For the vast majority of compliant importers and exporters, the FCA has made processes faster, simpler, and more transparent; hence, all types of rumours circulating about the rollback of this system must be fully discouraged.' While strongly praising the performance of the Faceless Customs Assessment (FCA) system and calling for its immediate implementation across the country, Bilwani commended the Federal Board of Revenue (FBR) and Pakistan Customs for launching the FCA system in Karachi, which he described as a model of effective reform that has brought far-reaching benefits to the business community. The system, which leverages Information Technology (IT) and Artificial Intelligence (AI) to eliminate physical interaction in customs assessment, has drastically curtailed corruption, enhanced transparency, reduced losses on account of demurrage & detention and restored confidence among genuine traders. He noted that the introduction of FCA has significantly improved the efficiency of customs operations by expediting clearance times and simplifying documentation. With reduced dependence on clearing agents and elimination of discretionary powers, businesses now experience faster processing, fewer delays, and greater predictability in their import-export operations. The adoption of self-clearance by a growing number of traders has led to a considerable reduction in their cost of doing business, empowering them to manage their shipments independently through a digital interface. Bilwani emphasised that one of the most commendable achievements of the FCA system is the minimisation, almost complete elimination of physical visits to Customs House. This not only saves valuable time and operational resources but also reduces the opportunities for malpractices historically associated with manual assessment systems. As a result, legitimate businesses are finally operating in a more secure and equitable environment. Highlighting the success of the Karachi rollout, he stressed the need for swift nationwide replication. 'The outstanding results in Karachi clearly demonstrate that Pakistan's trade infrastructure can be modernised when technology is implemented with integrity and vision. There is no reason to delay its expansion to other cities and ports.' He further urged the government and relevant authorities to introduce similar IT and AI-enabled systems in all other departments linked with trade, taxation, and regulatory approvals. By reducing human involvement, he stated, the government can eliminate the root causes of corruption and inefficiency across the board. He also called for full digitisation of the entire trade process, from documentation and submission to assessment, approvals, and final clearance so that the entire ecosystem functions with greater transparency, accountability, and speed. Jawed Bilwani also appreciated the Customs officials in Karachi for their commitment to ensuring the success of the FCA system. He reiterated KCCI's full support for all initiatives that aim to simplify trade, reduce bureaucratic hurdles, and foster an environment conducive to fair and transparent business practices. Copyright Business Recorder, 2025
Business Standard
3 days ago
- Business
- Business Standard
India to remain fastest-growing large economy in world for next 30 years
India to remain fastest-growing large economy in the world for next 30 years, said Union Minister for Commerce & Industry Piyush Goyal at CII Annual Business Summit 2025 today in New Delhi. Goyal stated that the country has maintained sustained growth of 6-7% and hopes to push it to 8% at constant prices. "Even amidst international upheavals, we are among the better-performing emerging markets. Today, India holds the 4th largest foreign exchange reserves in the world at about 690 billion dollars. Our inflation has remained below 4% for the last three months. The Reserve Bank has done a commendable job balancing liquidity and currency management," he said.
Business Recorder
3 days ago
- Politics
- Business Recorder
Success of ‘Bunyān Mursas': Special Thanksgiving Day ceremony held at FPCCI
KARACHI: A special Thanksgiving Day ceremony was held in Karachi under the auspices of the Federation of Pakistan Chambers of Commerce & Industry (FPCCI) to celebrate the success of Operation 'Bunyān Mursas'. The event was graced by Sindh's Senior Minister Sharjeel Inam Memon as the chief guest. Sharjeel Inam Memon, Provincial Minister for Information, Transport, and Mass Transit, stated: "Alhamdulillah, Pakistan has won this war with pride—this is a historic victory for the nation." He added that May 10th would always remain a memorable day for him at the age of 51. He emphasized that Pakistan's armed forces and political leadership united to deal a historic defeat to the enemy, and this victory belongs to the collective struggle of 250 million people. He further stated that Shaheed Zulfikar Ali Bhutto laid the foundation of Pakistan's nuclear program, and Shaheed Benazir Bhutto made the country's defense invincible by introducing missile technology. Sharjeel Inam Memon remarked that today, travelling abroad on a Pakistani passport is a matter of pride. Criticizing the Indian media, he said that it was only spreading lies and that defamation cases should be filed globally against such organizations. He praised the Pakistani media for broadcasting verified news and said that our fighter pilots made the enemy taste bitter defeat. Senator Sarmad Ali said that by the grace of Almighty Allah, Pakistan achieved success on every front, and under the leadership of Field Marshal General Asim Munir, the enemy was thoroughly defeated. He also commended the Pakistani media for acting responsibly and praised Bilawal Bhutto Zardari for effectively projecting Pakistan's stance on the international stage. The participants paid glowing tribute to the Pakistan Armed Forces, saying that Operation 'Bunyān Mursus' delivered a strong and decisive response to the enemy. Saqib Fayyaz Maggoon said, "We thank Allah that the Pakistan Army upheld the nation's honour and proved that 'Pakistan is a formidable defensive power." Faisal Zahid Malik paid a heartfelt tribute to 'Field Marshal General Asim Munir', stating that he united the nation as one he remarked that a few months ago, a divided nation had now transformed into a solid, unified front. During the ceremony, participants also paid deep tribute to Bilawal Bhutto Zardari, Field Marshal General Asim Munir and the martyrs of the nation, stating that Pakistan not only won the war but also asserted its dominance on diplomatic, political, and media fronts. Copyright Business Recorder, 2025
Business Recorder
6 days ago
- Business
- Business Recorder
Consistent policies needed for economic stability: FCCI chief
FAISALABAD: Long term policies are prerequisite to achieve sustained economic stability and, in this connection, the business leaders across the country must adopt a unified stand, said Rehan Naseem Bharara, President Faisalabad Chamber of Commerce & Industry (FCCI). Addressing All Pakistan Chambers Presidents Conference 2025 organised by the RCCI, he said that Pakistan was making steady progress in the 1960s but later on decline started due to multiple reasons including inconsistent policies and international and domestic meltdown. He said that once again serious efforts were made for the revival of the economy which were sabotaged and failed to give the required results. He appreciated the economic vision of Prime Minister Shehbaz Sharif and said that he has not only saved Pakistan from bankruptcy but also put it back on the path of revival. 'However, positive, practical and long term policies are required to consolidate these achievements on a sustained basis,' he said and added that consultation with genuine stakeholders is a must in policy formulation. About the problems confronted by the business community, he expressed concern over the recently amended tax laws and demanded its immediate review. He said that exports are the lifeline of Pakistan and we must satisfy exporters by restoring the Final Tax Regime (FTR). He also stressed the need to bring down the policy rate to single digit in addition to providing electricity to the industrial sector at 9 cent per unit. 'It would help our exportable surplus to compete in the international markets,' he added. About the SME sector, he termed it as an economic growth engine but added that this financially starved sector was facing multiple issues. He said that the SME sector must be facilitated with concessional loans to unlock their immediate growth potential. 'Similarly, the limit of the SME sector should also be enhanced from 80 crore to Rs 2 billion, he said and demanded that the SME sector may also be allowed to import used machinery through concessional loans. President FCCI said that the tax net should be broadened in connection with the documentation of the economy. He acknowledged the importance of women entrepreneurs and said that the government should also take special measures to encourage them by providing them concessional loans. Later President FCCI Rehan Naseem Bharara signed two separate MoUs with Movenpick Hotel Centaurus Islamabad and Wah Nobel Group. Under the MoUs, these institutions would provide services to FCCI members at subsidized rates. Copyright Business Recorder, 2025
Business Recorder
22-05-2025
- Business
- Business Recorder
‘EFS scheme a must for export-led growth, trade balance improvement'
KARACHI: President Karachi Chamber of Commerce & Industry (KCCI) Jawed Bilwani, while highlighting the crucial role played by the Export Finance Scheme (EFS) in sustaining Pakistan's exports said the EFS scheme is imperative to ensure continued export-led growth and trade balance improvement. He emphasised that the said scheme must continue in its original status and position prior to Federal Budget 2025-26 with reinstatement of local purchases under Section 880 (1)(b) of SRO 957(I)/2021 for acquisition of input goods (to allow local input goods liable to sales tax shall be supplied against zero-rated invoices) to ensure liquidity, competitiveness, and formalisation across the entire value chain as already recommended by the inter-ministerial committee headed by the federal minister for planning constituted by the prime minister. 'Despite contending with the highest regional costs of electricity, gas, water, and interest rates, Pakistan's exports have shown remarkable resilience, a feat largely attributable to the support provided by the EFS. Preserving and enhancing this scheme is essential for maintaining our export competitiveness,' he added. He highlighted the EFS was strategically developed through broad-based consultation with stakeholders to simplify and streamline export procedures, enabling a more progressive and accessible export environment. It consolidated all previous schemes under one umbrella, minimized documentation requirements, and facilitated ease of doing business through a fully automated system integrated with WeBOC and Pakistan Single Window (PSW). The scheme included real-time audits and end-to-end traceability to regulate compliance costs and ensure transparency. Bilwani added the EFS has played a crucial role in easing liquidity pressures for exporters, particularly in the value-added textile and apparel sector, where access to input goods is vital for sustaining production and delivery timelines. The import of specialized yarns and fabrics under EFS has been particularly instrumental in enabling exporters to meet international quality standards. 'Much of the quality yarn and fabric used by Pakistan's apparel exporters is not produced domestically, and the local alternatives, where available, are often of lower quality and higher cost,' Bilwani explained. 'The garments manufacturers using imported yarn are of superior quality, giving our exporters a competitive edge in global markets.' The value-added apparel sector, he noted, achieves up to 70 percent value addition on export goods and requires uninterrupted access to high-quality raw materials. 'Countries like Bangladesh and Vietnam are completely reliant on imported raw materials for their export-oriented textile sectors, and their success is proof of the effectiveness of such models when supported by robust facilitation mechanisms,' he added. President Bilwani warned, however, that policy changes announced in the last federal budget, particularly the removal of zero-rating for local supplies, have disrupted the balance between imported and local raw materials. 'Currently, while imported raw materials are tax-exempt, local inputs are subject to an 18% sales tax with delayed and costly refunds,' he said. 'This creates a structural imbalance, discouraging local sourcing and impacting domestic SMEs across the value chain.' In view of the IMF's reservations about restoring full zero-rating, Bilwani proposed a pragmatic middle path, such as adopting a negative list to restrict high-risk imports under EFS, while preserving the broader scheme's facilitative framework. To further strengthen EFS, Bilwani reiterated the proposal for real-time audits and digital monitoring to reduce processing delays, enhance transparency, and ensure the scheme's credibility. 'If implemented effectively, the EFS has the potential to become a strategic pillar in eliminating Pakistan's trade deficit and ensuring long-term export sustainability,' he concluded. Copyright Business Recorder, 2025
