Electric fan manufacturers’ delegation set to visit UAE

KARACHI (PR): A TDAP-sponsored 8-member delegation of leading electric fans manufacturing and exporting companies of Pakistan is scheduled to visit Dubai (UAE) from March 26 to 28, 2018. 2. TDAP, under the directives of Ministry of Commerce and in consultation with Pakistan’s Commercial Counselor in Dubai, has finalised this delegation for UAE which is a gateway to Middle East. Pakistan’s Commercial Section in Dubai has already finalised schedule of meetings of the delegation with the leading buying houses and chambers of commerce and industries in UAE. Pakistan’s bilateral trade with UAE is around $7.00 billion, with exports of $800 million and imports of over $6 billion, which is largely in favor of the UAE. The main purpose of sending the delegation is to enhance share of Pakistan’s export products to UAE and making inroads to rest of the Middle East. Pakistan’s export of electric fans to UAE is $4 million and the visit will help double the export from the sector to UAE and the GCC countries.

Under market diversification strategy, TDAP has been working on sending product specific trade delegations to Ghana, Nigeria and other African countries. TDAP is focusing on traditional markets like Germany and Netherland for non-traditional products so that export from Pakistan can be enhanced.

Sugar mills mafia exploiting poor planters, says PEW president

ISLAMABAD (INP): The Pakistan Economy Watch (PEW) on Saturday said powerful sugar mills mafia continues to exploit the sugarcane growers which must be noticed. Increased production of sugarcane has failed to improve the quality of life of millions of people depending on the sugarcane crop as they get Rs100 to Rs120 per maund against the support price of Rs180 per maund, it said. Growers are not getting the notified price for their produce while they also face delayed payments every year, said Dr Murtaza Mughal, President of PEW. Murtaza Mughal said that uncertainty continues to hurt growers and millions of those dependent on them while authorities have failed to chalk out any plan to save them from abuse. He said that support price mechanism should be altered, growers should be given incentives, while millers should be directed to pay half of the price while unloading the sugarcane. The remaining half of the price should be cleared within few months while the growers should be allowed to use encash receipts issued from sugar mills at designated banks.

Owners of the sugar mills should not be allowed to delay crushing season or employ delaying tactics to increase profit on the cost of poor otherwise growers will lose interest in this important crop which will be against the national interests, he warned.

FPCCI chief urges govt to honour its

commitment on refund claims’ release

KARACHI (INP): Ghazanfar Bilour, president of FPCCI, has urged the government to honour its commitment and start processing the refund claims to the exporters which have been now accumulated to the tune of more than 300 billion rupees. The FPCCI chief lamented, “It is unfortunate that the government has completely ignored the misery of the exporters who have their billions of rupees stuck in the refund claims for years”. He recalled that the Prime Minister Shahid Khaqan Abbasi about seven months ago in his meeting with the FPCCI delegation had promised that the claims would be processed immediately but nothing has moved since then. The FPCCI president elaborated that the cash crunch because of these stuck up money had forced the businessmen, specially exporters, to close their manufacturing units and as such has severely affected the economy, especially the exports, and resulted in increase in unemployment ratio of the country and has rendered the businessmen frustrated.

He argued that small and medium size exporters are facing their survival issue and those who can afford it are looking for other countries to set up their manufacturing units, which is resulting in capital flight out of Pakistan.

Small traders for bringing funds stashed in foreign banks back to Pakistan

ISLAMABAD (INP): Islamabad Chamber of Small Traders on Saturday said business community supports the move of the Supreme Court to bring funds stashed in foreign banks back to Pakistan. The decision of the apex court to form a committee of experts to make a strategy to bring money back to Pakistan should be implemented as soon as possible as it is a matter of vital national interest, it said. The economic situation is deteriorating with a rapid pace resulting in frequent devaluation of local currency, said Shahid Rasheed Butt, patron ICST. The authorities must take corrective measures otherwise the government will have no option but to seek another IMF’s loan on harsh conditions, he added. He noted that flight of capital has become the order of the day because investors feel secure by keeping their funds in the banks abroad while keeping money in the country is considered a risky affair.  Continued flight of capital can be stopped if the laws protecting investments are improved and concerned departments bridge the trust deficit, he added.

Shahid Rasheed Butt said that majority of the business community prefer tax evasion due to the negative attitude of collectors and widespread misuse of funds by the bureaucracy and public representatives.

Masses think that the money raised through taxation is used to benefit the elite, therefore, they should not feel obliged to pay taxes. The tax collection can only be improved if the corruption is stopped at the upper level, he said.