Industrialists demand single digit policy interest rate to boost industrialization
ISLAMABAD ( Web News )
A delegation of Islamabad Industrial Association (IIA) led by its President Muhammad Ahmed Waheed visited Islamabad Chamber of Commerce & Industry (ICCI) to congratulate Ahsan Zafar Bakhtawari President ICCI for one year extension in his tenure and called upon the government to reduce 22 percent policy interest rate to single digit level that would help boost industrialization, enhance exports, create jobs and revive the economy.
Addressing the delegation, Ahsan Zafar Bakhtawari, President, Islamabad Chamber of Commerce & Industry said that 22% central bank’s interest in Pakistan was highest in the whole Asia as interest rate in Japan is -0.1%, Taiwan 1.88%, Thailand 2.25, Malaysia 3%, China was 3.4 %, Vietnam 4.5%, and Indonesia & Hongkong 5.75%, Bangladesh and India 6.5%. He said that the high interest rate has made our industry uncompetitive in the national market due to which our exports are also suffering. He said that the best way to revive the economy is to focus on export-led growth of the economy for which single digit interest rate is the key requirement.
Muhammad Ahmed, President, Islamabad Industrial Association said that it has become almost impossible for industry to get credit from banks at such high interest rate due to which expansion of industries has halted. He said that the high interest rate was also a major hurdle in promoting new investment in Pakistan and stressed that the government should look into this serious issue to facilitate the growth of business and investment in the country.
Khalid Iqbal Malik, ICCI Group Leader said that many investors are keen to set up industries in the Islamabad region but due to absence of a new industrial zone, they are unable to make new investments. He emphasized that the government should extend full cooperation to ICCI for the establishment of a new industrial estate in the region as this important project would yield multiple benefits for the economy.
Faad Waheed Senior Vice Presidentand Engr. Azhar ul Islam Zafar Vice President ICCI, said that the economy of Pakistan is facing multiple challenges and the government should focus on promoting investment and industrialization that would help revive the economy and overcome economic problems of the country.
Zafar Bakhtawari, former President ICCI and Secretary General UBG Pakistan said that Ahsan Bakhtawari has already held meetings with Governor Punjab, Industry Minister of Punjab, Punjab Industrial Estate Development & Management Company, Chairman CDA and other stakeholders for industrial estate in the region and hoped that ICCI would make positive progress on this project of national importance during his remaining tenure.
Prominent industrialists including Khalid Javed, Mian Akram Farid, Mian Shaukat Masud, Nasir Qureshi, Ch. Waheed ud Din, Nasir Khan, Muhammad Ejaz Abbasi, Atif Ikram Sheikh, Sheikh Amir Waheed, Karim Aziz Malik, Sanaullah Khan, Shahban Khalid, Iftikhar Anwar Sethi, Malik Sohail Hussain and others were in the delegation.