Faisalabad Chamber of Commerce & Industry (FCCI) has appreciated the foreign policy of Pakistan Government to expand further, economic and bilateral relations with the Russian Federation. In a press statement by Zahid Aslam, President and Chaudhry Muhammad Boota, Vice President the FCCI said that the recent visit of the Russian foreign minister Sergei Lavrov has great importance to increase co-operation in several areas including in the political and economic front for both countries.
They maintained that the Russian Federation including the Central Asian States is full of natural resources while Russia is an emerging economic block and world power also. Due to its instant integration with Europe and Asia, Pakistani products can reach international markets both with lower freight cost and saving of transit time. They termed it a productive movement with the signing of the Memorandum of Understandings in the Energy, Railway and Steel Sectors between both countries. They hoped for an early visit of the Russian President to Pakistan, which would extend economic and bilateral ties further between both the countries.
He appreciated the Russian support for Pakistan's stance on US drone attacks, which are unlawful and counter productive. He continued that Russia is a Federation of 142 million people, who harbour the greatest liking for Pakistani textile products but the trade volume does not match with the potential that exists between both countries. The CCI leaders urged for an exchange of trade delegations and improved liaison between business communities of both the countries.
President FCCI mentioned that due to the skyrocketing prices of inputs, electricity and gas shortage, inconsistent Government textile policies and worsening law and order situation, the businesses are in dismal state. He added that if refund claims were not cleared immediately, exporters would face a liquidity crunch, which would severely affect their shipment schedule, thus badly affecting the export forex.
He said that our exporters, due to gas and electricity shortages, are forced to turn to alternate but costly energy options, which has added to the product cost, resultantly lowering the competitiveness of our products in the foreign markets. He added that the every day rise in petroleum products price has made the manufacturing cost uncertain, thus affecting the business viability.
Pakistani textile infrastructure is still capable not only to meet the deficit in exports but also to meet the target of US $25 billion if the exporters are freed from the liquidity crunch and immediately paid the refunds claims, they added. They emphasised that the Government issue orders to the FBR for the earliest refund of these claims and suggested that payments to the exporters be made on a sustained basis under a viable system instead of huge amounts of their money becoming stuck without any justification.