Khyber Pakhtunkhwa Deserves Fair Opportunities To Overcome Economic Losses Faced Due To War Against Terrorism; Pervaiz Malik

Federal Minister for Commerce and Textile, Muhammad Pervaiz Malik said that Khyber Pakhtunkhwa has suffered huge economic losses due to country's ongoing war against terrorism and the province deserves to be provided fair opportunities for overcoming the damage

PESHAWAR, (UrduPoint / Pakistan Point News - 31st Jan, 2018 ) :Federal Minister for Commerce and Textile, Muhammad Pervaiz Malik said that Khyber Pakhtunkhwa has suffered huge economic losses due to country's ongoing war against terrorism and the province deserves to be provided fair opportunities for overcoming the damage.

He expressed these views while talking to business community of KP during a visit to Sarhad Chamber of Commerce and Industry (SCCI) here on Wednesday. President SCCI, Zahidullah Shinwari, Executive Members of the chamber, former Presidents of chambers and prominent businessmen were present on the occasion.

Talking to businessmen, Federal Minister for Commerce held out assurance of extending full cooperation to KP businessmen in formulation of policies aimed at providing economic gains to the trading community of the province.

He said federal government believes that promotion of trade and commercial activities will help in bringing economic boost in the country and for this purpose taking several steps. �Revival of peace due to gains made in war against terrorism and drastic reduction in load shedding of electricity and gas are helping in promotion of business activities in the country,� he added.

Federal Minister said government has succeeded in overcoming economic decline and due to prudent policies export of the country has shown an improvement of 14 to 15 percent. The economic growth of the country has reached to figure of 5.2 which is a good sign and reflects better performance of government, he continued.

He also assured SCCI members that instructions would be issued to Trade Development Authority of Pakistan (TDAP) to give due representation to businessmen of KP in business delegations of the country.

Similarly, he continued, KP would also be given proper representation in heading different companies formed by Ministry of Commerce and Industry for promotion of commercial opportunities in the country.

Responding to a point raised by president SCCI, Zahidullah Shinwari, Federal Minister said Free Trade Agreements with different countries would be reviewed and strict decisions will be taken in this regard in future.

Zahid Shinwari had raised point that by giving more concessions under free trade agreements to different countries is causing de-industrialization in the country due to slump in business and because of this practice imports are also increasing.

In reply to a complaint about demand of quarantine by Plant Protection department ensuing in delay to transportation of export goods to Afghanistan, Federal Minister said two officers each have been sent on emergency basis to Torkham and Chaman border posts for early clearance of goods loaded vehicles.

Earlier in his welcome address, President of SCCI, Zahidullah Shinwari urged the Federal Minister to take a review over imposition of regulatory duty on import of different items. The imposition of regulatory duty has highly affected business with Afghanistan which has reduced to Dollar 500 million from existing dollar 2.5 billion.

He said the duty must be imposed on non-essential and luxury items while essential items including fresh and dry fruit and other items be exempted. President SCCI also suggested federal government to opt for Trade Diplomacy with Afghanistan by sending a delegation of businessmen to Afghanistan to talk with concerned officials for restoration of business with the neighbouring country.

He demanded diversification of items to which government gives priority while formulating Trade Policy of the country. He said apart from textile, surgical instruments, rice and others, government should find new items for giving them priority for increasing country's export.

In this regard, he suggested for exploring the potential of Hunting and sports arms through promotion of which billions of Dollars of foreign exchange can be earned.