Raza Rabbani for least dependence on foreign loans

KARACHI: Chairman Senate, Mian Raza Rabbani on Tuesday urged the best mobilization and use of indigenous resources, instead of depending on foreign loans to support the country's economy.

He was speaking at 41st FPCCI Export Awards ceremony here, which was attended by a large number of business persons.

Federation of Pakistan Chambers of Commerce and Industry (FPCCI) had been awarding the leading exporters with the export trophies to encourage more exporters for the promotion of exports and bring maximum foreign exchange to the country.

Senate Chairman said that foreign loans were not a solution to the revival and strengthening of an economy because there was no free lunch in the world. The lenders would have certain terms and conditions in their interest.

However, he added, Pakistani nation was very resilient and would fully guard the national interests and sovereignty of the country.

Senate Chairman assured that he would communicate FPCCI's concern over the suspension of Engineering Development Board to the Senate's concerned Standing Committee for the pursuance and revival of the board.

Mian Raza Rabbani, along with FPCCI leadership, distributed export trophies among the leading exporters from different sectors.

In his welcome address, FPCCI President Zubair F.Tufail informed the business community that the government intended to reduce the electricity and gas tariffs up to 25 percent for the export sectors against the commitment from the exporters to increase their exports at least by 25 percent before June 30, 2018.

"In a meeting, Prime Minister Shahid Khaqan Abbasi has promised me to cut power and gas prices by 25 % for export sectors. PM wants $ 30 billion exports in this financial year," he added.

He expressed his satisfaction that in total the economy was moving on the right track. This included narrowing the gap between demand and supply of energy in the country through revamping the existing power plants and setting up new ones by the present Government of Pakistan Muslim Leage-Nawaz.

He pointed out the irritants to trade and industry in the country, and called for better and sustained trade and industry policies for high economic growth.

Former president of FPCCI, Iftikhar Ali Malik and former president FPCCI and former chief executive officer of Trade Development Authority of Pakistan, S.M.Muneer also apprised the Senate Chairman of the issues relating to trade and industry.

FPCCI Senior Vice President Aamir Atta Bajwa presented vote of thanks.