President, Tribal Area Chamber of Commerce and Industry (TACCI), Mohammad Akbar Khan, has called for constitution of an official level committee for carrying assessment of the losses due to militancy and enforcement of the sales tax and central excise duty on the import of raw material for revival of the industrial units in Fata.
In a press statement, the president of the tribal area chamber said that the business community of the tribal region had suffered financial losses to the tune of billions of rupees in the militancy and action of security forces against the militants.
"From a vendor to an industrialist all tribesmen are facing difficulties in the revival of the businesses," he said adding that the uncertain situation had forced the businessmen of the SME sector to live in IDPs camps. Akbar Khan said that loans to tune of the millions of rupees have been drowned and business concerns, including fuel filling stations and shops have been turned into ashes.
Talking about the militancy-torn Swat, he said that besides the closure of 30 silk cloths manufacturing units, units of leather and ghee manufacturing have also been closed down in the district.
He said that the closure of the industrial units and ban on the entry of the labourers into factories had imposed forced hunger on them. In such a situation, he said those who had obtained loans from banks are not in a position to pay mark up on their credits, while investment had also come to standstill. He demanded compensation for the losses of the businessmen of Fata.
He further called for attracting foreign investors for making investment in tribal area. He welcomed the fixation of minimum mark-up on commercial loans at 7.5 percent and asked the government to implement the new mark-up rate from July 2008. He urged federal government for issuance of formal directives in this regard.
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