PESHAWAR: Business community urged the Bank of Khyber (BoK) and other commercial banks to issue soft loans for promotion of new entrepreneurship and startup business/industry instead of provision of the running financing facility.
Traders called for revival of Development Financing Institutions (DFIs) and Industry Development Bank of Pakistan (IDBP) in a true sense as vital for industrialization and promotion of small and medium scale industry and business.
They called for proper training and awareness about various loans schemes to new entrepreneurs and startups.
The business community asked the BoK and commercial banks to facilitate the business community under passion of service and friendly atmosphere. They furthermore emphasized KP constitutional rights on electricity and gas should be ensured.
In order to enhance export through railway, they suggested launching cargo trains from Peshawar to Karachi and fully functional dry-ports along with restoration of the railway system.
For promotion of mutual Pak-Afghan trade, they stressed enforcement of sustainable and long-lasting policies and allowing trade in Pak rupee with Afghanistan and permission of re-export of the finishing goods/products. Businessmen stated that if tariff/duties of 224 items of Pakistani products should be equalized to Afghanistan and Iran, then smuggling will be eliminated. The business community should be taken on board regarding closure of borders so that it will prevent huge financial losses and unhurt bilateral trade as well, they added.
These demands and recommendations were put before Irfan Saleem Awan, Chief Financial Officer/Acting CEO/Managing Director of the Bank of Khyber (BoK) during his visit along with his team here at the chamber house on Tuesday. The meeting was chaired by Fuad Ishaq, president of the Sarhad Chamber of Commerce and Industry.
Besides, Senior vice president of the SCCI Sanaullah Khan, vice president Ejaz Khan Afridi, former president Zulfiqar Ali Khan, former senior vice presidents Ziaul Haq Sarhadi, Imran Khan Mohmand, former vice president Junail Altaf, member of the chamber executive committee Pervez Khan Khattak, Altaf Ali Khan, Monawar Khurshid, Qurtul Ain, and Saddar Gul, Faiz Rasool, senior management, high officials of the BoK, a large number of industrialists, traders and importers and exporters were present in the meeting.
The SCCI chief lauded the resilience and bravery of the KP business community and people, who remained steadfast against terrorism and continued their businesses and played a role in country peace, solidarity and economic development by giving matchless sacrifices and taking bodies and fought against conspiracies of anti-state forces.
Fuad expressed grave concern over putting commercial banks KP into the red zone, stating that banks have surged up deposits but lending ratio is completely negligible in the province. The chamber president said Pakistan is situated at an important location so its position will be further improved in the region and rest of the world by taking full benefit from the locational advantage. Furthermore, he said there is the Silk route, or CPEC, KP will be made a hub of economic and trade activities through them.
The SCCI chief asked BoK to take initiatives to remove the business community and clients’ grievances and complaints about various loans schemes.
He mentioned during his meeting with the head of U.S mission and other officials, they have also made emphasis on provision of soft loans to new entrepreneurs and startup businesses, which SCCI highly appreciated and endorsed.
Copyright Business Recorder, 2024
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