All economic indicators are positive and Pakistan is expected to reap its fruit and emerge as one of the strongest economy of the region, said S M Munir, Chief Executive Officer Trade Development Authority of Pakistan (TDAP). He was addressing the business community of Faisalabad at FCCI here on Sunday.
The meeting was also attended by Mian Muhammad Adrees, former President Federation of Pakistan Chambers of Commerce and Industry and Tufail Zubair.
Munir said that the government has resolved most of the ticklish issues including energy crisis and law and order problems. "I was pessimistic just few months ago but now the situation has been changed altogether and I am optimistic over the economic prosperity of Pakistan", he said and asked the business community to set up new industries as the good time is not far away.
Enumerating the economic achievements of this government, he said that electricity is available round-the-clock. Similarly, LNG has also been made available at much cheaper rate and interest rate is also reduced to the record low.
Similarly, the stock exchange boom is also indicative of our economic achievements, he said and added that foreign remittances which were $8 billion a few years back have risen to US $18 billion.
Continuing he said that the only issue now disturbing Pakistan is decline in exports, he said that reasons behind this decline were international recession. He mentioned statistics and quoted that Indian exports declined by 22 percent, China by 12 percent and Canada by 30 percent, whereas our exports reduced to only $ one billion.
He said that prices of our exportable leather and cloth are increasing in the international market and hence I can predict good time for Pakistani exporters.
Responding to the problems highlighted by the Acting President Syed Zia Alamadar Hussain, he said the government must honour its commitment to clear pending refund claims as it has successfully achieved its revenue targets. Now, there is no justification to withhold the refund claims of the exporters who are facing liquidity crunch. He also criticised the GIDC and said that he would take up this issue with the Finance Minister as it would make our exportable surplus uncompetitive in the international markets.
The CEO TDAP also supported demand of the FCCI to withheld 15 percent RD on yarn and asked FCCI to write down a letter to him so that this matter could be taken up at the highest level.
S M Munir also termed China-Pakistan Economic Corridor (CPEC) as blessing for Pakistan and said that construction of roads and special zones have started under this mega project which will bring prosperity not only to Pakistan but in the entire region.
About FTA, he said that we are negotiating with Korea. Similarly, the FTA with China is being revised to protect legitimate interest of the Pakistani businessmen. "Negotiations are also being made with Thailand and Mauritius authorities to give a quantum jump to the bilateral trade", he said and asked the local exporters to remain in touch with him to make these negotiations fruitful and productive.
Responding to a question, he said that last year the TDAP had arranged 118 international exhibitions while this year we will hold 146 exhibitions. He said that exporters from Faisalabad should also participate in these delegations to avail this subsidised opportunity to enhance their exports. He also supported the proposal of "Expo and Display Centre" in FCCI and asked the President FCCI to contact the commerce minister for their representation in the TDAP Board.
Mian Muhammad Adrees, Former President FPCCI said the government was making serious efforts to resolve the economic issues. He said that most of the issues including law and order situation and energy crisis have been resolved and this is high time to set up new industries and earn profit in addition to strengthening Pakistan economically. He said that tax refund is a major pending issue and hopefully it would also be resolved very soon.
Earlier, Acting President FCCI Syed Zia Alamdar Hussain in his address of welcome acknowledged the successes of the government on economic front and said that now the government has to take prudent measures to reduce the cost of doing business in Pakistan to make our exportable surplus competitive in international markets.
Later, Mian Muhammad Adrees, Former President FPCCI presented a FCCI shield to Chief Executive Officer Trade Development Authority of Pakistan S M Munir.