The Federation of Pakistan Chamber of Commerce and Industry (FPCCI) on Thursday said Eid-ul-Azha will result in the business of around one billion dollars in the country .It will benefit millions of people linked to the rural economy, and help dozens of industries including livestock and agriculture sectors.
"Despite political uncertainty which has kept investors away from Eid economy, the business activity will touch the impressive mark of $1 billion, Chairman FPCCI Regional Committee on Industries, Atif Ikram Sheikh said. According to some estimates around twelve million animals would be sacrificed during next three days while regrettably hides worth six to seven billion rupees would be wasted due to inexperienced butchers, hot weather, lack of proper storage and transportation facilities, load-shedding, delayed processing and general lack of awareness, he said.
Atif Ikram estimated that the wastage of hides and skins will result in losses to the export industry estimated at 400 million dollars as the industry is already suffering from multiple issues He said that political uncertainty has discouraged many investors resulting in losses to the breeders who are trying to sell their animals in the urban centres by themselves.
He pointed out that fall in remittances and interest of investors in the real estate sector has also damaged the Eid Economy to some extent. Pakistan is one of the biggest producers of hides and skins in Asia and the tanners get thirty to forty percent of the raw material on Eid while reduction of damaged skins will benefit all the stakeholders. He called upon the government to launch a comprehensive study about Eid economy so that all the facts could be brought to limelight and steps could be taken for the welfare of the masses.
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