Lingering political turmoil hitting economy: TDAP chief August 26, 2014 N H ZUBERI Chief Executive of Trade Development Authority of Pakistan (TDAP), S. M. Muneer, has emphasised the need for an early resolution of the current political crisis, or else it would badly affect the countrys economy. Addressing members of the Site Association of Industry (SAI), he said that a political partys advice to the overseas Pakistanis that they should send their money through Hundi will not only create economic anarchy but would also have devastating impact on the countrys foreign currency reserves. Voicing his concern over the current political turmoil, he said that the crisis had already affected exports, business and industrial activities whereas foreign delegations were reluctant to visit Pakistan. Moreover, business community has been facing immense difficulties in getting visas due to closure of embassies in Islamabad, he added. Urging overseas Pakistanis to remit foreign exchange through legal channels, he said that though the present government has taken a number of measures for improving the countrys economy, long marches and sit-ins have created chaos and uncertainty in the industry and business circles. He said that foreign and local investors have been monitoring the situation and, at present, they are not willing to invest or establish industrial units in the country. The TDAP chief said that although the GSP Plus status had helped Pakistan in getting its exports increased by three per cent, exports of other items witnessed a decline due to power, gas, water shortages and law and order situation. He said that Prime Minister Nawaz Sharif was evincing keen interest in resolving issues being faced by local and foreign investors. He said that the present government with a view to overcoming the energy crisis was working on several projects to increase power generation by exploiting all available resources, he said. Vowing to eliminate corruption from the TADP, he said that he was trying his best to convert the institution in to a true business organization, besides all-out efforts were afoot to make the TDAP a world class organization. Referring to ban on the import of gold, he said that the government had to take such a measure because some unscrupulous elements smuggled gold to India after importing it in an unlimited quantity. However, it was on my intervention that the Finance Minister allowed the import of gold up to 10 kg, he added. He assured his full co-operation to the participants of the meeting and urged them to bring the TDAP-related issues into his knowledge. At the outset, he said that TDAP would work for enhancing the image of Made in Pakistan logo. Businessmen Groups (BMG) Chairman and Karachi Chamber of Commerce and Industrys (KCCI) former president, Siraj Kassim Teli said that business community was highly perturbed over the prevailing uncertainty in the country. He also highlighted the issues of the industrialists and exporters and assured his full co-operation to S. M. Muneer in getting the TDAP policies implemented in letter and spirit. He demanded of the TDAP chief to take concrete measures for the promotion of trade and exports. SAI Chairman Younus M. Bashir said that his Association would extend its full support to the TDAP chief for increasing export. Daily Business Recorder,26 2014
Posted on: Tue, 26 Aug 2014 05:33:09 +0000
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