The business community has expressed relief over the Government's decision to put a stop to the 24 items that were listed under price control.President of the Fiji Chamber of Commerce Swani Maharaj said the decision allowed 50 per cent of wholesalers and importers who would have closed to continue doing business.
He said the Prices and Incomes Board made their decision earlier to regulate the prices without taking into account the cost that are incurred by the businesses for those imported goods.
"This mark up profit allowed on import and wholesale is very little," Mr Maharaj said.
"It doesn't take into account, the cost of warehousing, customer services, transportation cost and maintenance, insurance of goods and warehouse, overdraft interest rate of 12.5 per cent, telecommunication cost, security and other bills paid by the businessmen who import these items.
"It should be an open market where these items should be allowed to take care of itself," Mr Maharaj said. He said the Prices and Incomes Board should monitor only daily usable goods such as tin fish, dhal, oil, rice and tea.
Mr Maharaj thanked the Government for the initiative that was based from the point of view of businesses.
Minister of Commerce Trade and Investment Aiyaz Sayed Khaiyum said the Board had already been notified about the issue.
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