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Previous govt misuses GIDC revenue: FPCCI

KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has accused the previous government of misusing revenue generated through the gas and infrastructure development cess (GIDC) on other sectors rather than on the development of gas infrastructure, a statement issued by the apex trade body said.

 

 

FPCCI President Engr Daroo Khan Achakzai said uncertainty has been prevailing among the investors and urged the government to resolve the long outstanding issue in consultation with the FPCCI and other stakeholders.

This will improve investors’ confidence in the government policies, which is a prerequisite for the success of any scheme.

The previous government instead of utilising the cess revenue on building infrastructure of gas pipelines, as was originally intended by the GIDC Act 2015, irresponsibly used it on CNG stations, metro projects, curtailing the budget deficit, etc, Achakzai said.

The misuse of GIDC revenue resulted in increase in the cost of doing business of the indigenous industries; thus, rendering them uncompetitive in the local and global markets and pushed them on the verge of collapse.

The FPCCI president said gas prices in Pakistan were already on the higher side as compared to other regional countries, and an additional GIDC cost would badly affect the business community.

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