Low dis­count rates to at­tract in­vest­ment, says PBC

The Pak Banker - - FRONT PAGE -

Pak­istan Busi­ness Coun­cil's Board of Di­rec­tors said the low in­ter­est rates in the coun­try will stim­u­late in­vest­ments and de­mand in the cur­rent state of the econ­omy whereas the de­ci­sion of the cen­tral bank to hold in­ter­est rates at their cur­rent lev­els is ap­pro­pri­ate.

The meet­ing of the board mem­ber was held on dis­cus­sion on ma­jor na­tional is­sues re­gard­ing the econ­omy and de­vel­op­ment of Pak­istan, at­tended by Atif As­lam Ba­jwa, Pres­i­dent & CEO Bank Al­falah, Ab­dul Razak Da­wood Chair­man Descon, Mr. Ehsan Ma­lik, CEO Unilever Pak­istan and Kam­ran Y Mirza, CEO, Pak­istan Busi­ness Coun­cil. Though a sta­ble ex­change rate is an im­por­tant in­di­ca­tor of eco­nomic sta­bil­ity, the Board was of the opin­ion that this should not be at the ex­pense of com­petive­ness of do­mes­tic man­u­fac­tur­ing. The board also ex­pressed its con­cerns vis-à-vis stag­nat­ing ex­ports and the ex­ces­sive de­pen­dence on a few mar­kets / com­modi­ties. The Board hoped that the Min­istry of Com­merce will ac­tively in­volve the PBC in draft­ing and im­ple­ment­ing the next Strate­gic Trade Pol­icy.

The PBC board called for a re­view of Pak­istan's FTA pol­icy. It ob­served that none of the FTA that Pak­istan had signed had led to an in­crease in do­mes­tic man­u­fac­tur­ing for ex­ports to the FTA part­ner coun­try.

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