Economy

Trade with India not at the cost of local industry: Ch. Shujaat

Khalid Khan
Sunday, 29-April-2012

 

Pharmaceutical raw material import from India to benefit millions: FPCCI
 
Islamabad: PML-Q chief Chaudhry Shujaat Hussain on Sunday said enhanced trade with India is preference of the government but it will not be at the cost of local industry. Safeguarding the local industry is more important.
 
He said that traders as well as industrialists will not be burdened in the upcoming budget; rather we are considering a bailout package for the business community.
 
Chaudhry Shujaat said this while speaking to a delegation of business community headed by Tariq Mehmood, President Attock Chamber of Commerce and Industry.
 
Chairman Media FPCCI Malik Sohail, former SVP, ICCI Ishtiaq Qureshi, Waqas Khalid, Naveed Shahzad, Adnan Mirza and others were also present on the occasion.
 
Chaudhry Shujaat asked the business leaders to furnish specific proposals so that the possible bailout package could be fine-tuned. 
 
He said that government is considering giving extra relaxations to those who will establish industries without any bank loans.
 
The veteran politician said that public sector corporations have become liabilities; there is no harm in testing abilities of private sector by handing them management of few sick units. 
 
At the occasion, President ACCI Tariq Mehmood lauded Shujaat Formula to arrest load shedding in the country.
 
He said that there are 475 pharmaceutical factories in Pakistan catering for the 70 per cent of the country's demand. Pharma sector is growing by 18 per cent per annum with sales surpassing 2 billion dollars.
 
Importing pharma finished products from India can contribute to closure of many factories, said Tariq, who is also Chairman FPCCI Committee on Health and Director Pak-UK Business Council.
 
Economic parity of two nations is not comparable, taxes, utility rates, duty structures, infrastructural cost, law and order and overall cost of doing business is different which has left local industry unable to compete with huge Indian economy, he said.
 
Demanding the removal of Pakistan specific tariff and non-tariff barriers, Malik Sohail said that there is no harm in importing pharmaceutical raw material from India which will benefit millions.
 
He asked Ch. Shujaat to intervene in the issue of CNIC condition and early closure of markets which are not acceptable to business community.
 
Ch. Shujaat assured the delegation that government will look into their demands sympathetically and initiate steps to resolve issues.
 

 

    

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