The Karachi Chamber of Commerce and Industry (KCCI) has termed the federal budget 2014-15 business friendly, and said it would boost economic development.
The KCCI said that 50 per cent proposals of chambers from across the country, including Karachi have been incorporated in the budget, which will help in economic growth.
The KCCI also said that Federal Finance Minister Ishaq Dar has endeavoured to make the budget export-oriented.
Talking to reporters, business leader Siraj Qasim Teli said if the budget speech is implemented in letter and spirit it will be considered the best budget. He said that this budget is trader and industrialist friendly. Teli also said that the government has presented a balanced budget and he also welcomed the establishment of tax reforms commission.
While KCCI Vice President Muhammad Idrees said that job opportunities will have to be created to benefit from the GSP-Plus status.
He hailed duty-free import of machinery for the textile sector and termed it a positive development.
In his comments, Pakistan Apparel Forum Chairman Javed Balwani said that Ishaq Dar delivered budget speech with confidence, which was witnessed in the country after several years.
He said that if positive policies are continued, the textile exports may go up to $30 billion. He said that eradication of poverty will help resolve law and order issue.
Business leader Zubair Motiwala said the reducing export re-finance ratio to 7.5 percent is a positive step.