LAHORE– Chairman Faisalabad Industrial Estate Development and Management Company (FIEDMC) Mian Kashif Ashfaq Saturday hailed the State Bank of Pakistan’s decision of slashing monetary policy rate by 200 basis points to 9 per cent.
He said this would help the country to counter the divesting effects of the coronavirus pandemic on the economy besides giving relief to the business community for recuperating their industrial units.
In a statement, Mian Kashif said this was indeed a very good decision of slashing down interest rate and the business community wholeheartedly lauded Prime Minister Imran Khan for taking the woes of businessmen into consideration during the time of pandemic.
He said that reduction in markup rate to single digit of 9 would be a great favor to the industrial sector and it would help the government to attain the target of industrial growth, would reduce the cost of product and would also bring capital of the banks into circulation.
“Markup rate influences the cost of product. Pakistani products cannot compete in the international market to those countries which are offering capital to their industries on zero or less than one percent markup rates”, he added.
He said the private sector had suffered setbacks because of higher cost of doing business. Investment in new industrial projects and expansion in existing industry had come to a standstill. Massive flight of capital has taken place to other countries in the region where investment and business environment is favourable and future prospects are brighter.
Mian Kashif Ashfaq said now under the dynamic leadership of Prime Minister Imran Khan, Pakistan would come out of the crises of coronavirus pandemic and his monetary policies especially giving significant relief to business community and the masses would bring the economy back on the track and Pakistan would be succeeded to attain its due share in international markets.
He said FIEDMC is also confronting with the negative impact of global pandemic. The completion of its tasks was important in order to create economic activities and to help the country boost its exports.
He is much optimistic that this time of ordeal would also pass away and they would again in a position to become a hub of industrial investment in the region in post-pandemic era.
Mian Kashif Ashfaq further appealed all the businessmen, industrialists and traders to extend full support to all their poor workers who must not be left alone and it has to be ensured at any cost that not a single worker or his/ her family member suffers starvation during the lockdown.
“We are socially, morally and religiously bound to help out and assist the poor people who are unable to come out of their homes to earn their bread and butter because of the widespread coronavirus pandemic hence, we all have to express unity and brotherhood with them by providing food and rations as per their requirements and according to our capacity,” he concluded.— PRESS RELEASE
