Trade and Industry leaders demand cut in mark up

Lahore, June 07, 2012 (PPI-OT): Trade and Industry leaders have urged the State Bank of Pakistan to immediately announce cut in interest rate which is a prerequisite to enhance productivity in the industrial sector and a necessary step to give boost to trade activities in the country.

At a meeting chaired by the Chairman PIAF Sohail Lashari here Thursday. Leaders of All Pakistan Paper Merchants Association Khamis Saeed Butt, Sami Ullah Butt, President Anjuman-e-Tajran Khalid Pervez, leaders of Shahalam market Haji Muhammad Munirl Rana Mujahid Islam, Talal Butt, Khwaja Sajjad of Hide Market, Mehboob Bobi of Akbari Mandi, Dr. Muhammad Arshad of Badami Bagh, Sabir Hameed Khan Mithu, Sohail Azhar, Chairman Autoparts Manufacturers and Exporters Association Tahir Javed Malik and Chairman Lahore Township Industries Association Iftikhar Bashir Chaudhry said that availability of cheaper money to the businessmen is only way to cut joblessness and control inflation.

They said the that there is a dire need of cut in mark up rate at a time when the whole industry was badly suffering due to unprecedented energy crisis, high cost of doing business and was complaining of being uncompetitive in the global market.

They said that huge trade deficit, current account deficit, high savings and investments gap, huge government borrowings and persistent high inflation including food inflation would leave a very negative impact on the national economy if State Bank of Pakistan does not bring the mark up rate to the single digit.

They said that if the government wants to achieve budget targets, it would have to strengthen the business community by facilitating it. They also urged the Federal Finanace Minister to look into the issue and a large number of trade and industry projects are in the pipeline and need urgent government support.

They said that only because of high cost of doing in Pakistan, the Pakistani merchandise are fast losing their due place in the international market. They said t6hat by bringing mark up rate down, the government actually would be bringing down the cost of doing business and supporting the export sector. Khalil-ur-Rehman

For more information, Contact:
Pakistan Industrial and Traders Associations Front
110/s Kot Lakhpat Industrial Estate
Lahore, Pakistan
Phone: (92) 42 5123522
Fax: (92) 42 5123522
Email: Info@piaf.pk