Thursday, May 6, 2021

GIDC issue should be resolved with stakeholders’ consultations – EFP

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Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com
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Chairman of EFP Economic Council (EFP-EC), Ismail Suttar has put forth before the PTI led government, an imperious demand towards the absolutely dire need of taking into confidence all key stakeholders, while addressing the long-standing issue of the Gas and Infrastructure Development Cess (GIDC) bills.

 

Addressing the emergent economic council of EFP, meeting Ismail Suttar, stressed on how the dispute between government and stakeholders can be resolved without taking major stakeholders into confidence such as the FPCCI, chambers and other trade bodies.

 

NBFI

Any decision without the input of all the stakeholders can be an impediment in resolution of this issue. It was also noted how the former governments, instead of raising taxes from unregistered persons, picked a route of imposing taxation through GIDC. As this is, the infrastructure rates and the unavailability of it has rendered local industry as uncompetitive against cheap imports from china, and far eastern countries.

 

This GIDC will further hurt the weakening industry, and will eventually end up increasing the unemployment. As it is, the cost of infrastructure in Pakistan is much higher than in neighboring countries. The backbone any country depends on its local industry for import substitution and reduction in its export costs. Hence, we urge the government to think through this, and not take any decision in haste, without the input of EFP, FPCCI, and all major chambers.

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