ISLAMABAD: The National Assembly Standing Committee on Commerce which met with Jawed Hanif Khan in the chair directed the State Life Insurance Corporation (SLIC) to spend one per cent of its profit on the welfare of common man and work in close coordination with Benazir Income Support Program (BISP).
The officials of SLIC stated that discussions are ongoing with BISP for cooperation and support of women who are suffering from cancer, a disease which is spreading in the country.
The officials further revealed that farmers are being provided disability allowance along with urea. And the profit of State Life was Rs 13 billion due to improved performance.
Chairman Standing Committee enquired as to why State Life was not yet privatised, adding that SLIC could be privatised.
Secretary Commerce informed the Committee, under the SOE Act, State Life is being run by an independent body which is why SLIC cannot be privatised.
Committee members maintained that privatisation of SLIC will not be beneficial and suggested that the entity should be clubbed with BISP.
Responding to questions of Committee Members, the officials of SLIC said that they have submitted suggestions to work with BISP which is under consideration at BISP.
Commerce Minister Jam Kamal said that audit has not been done in NICL, a very large institution, for a long time, adding that Commerce Ministry has sought data from attached entities. NICL has also been directed to conduct its audit.
The Committee also directed NICL to reassess value of property purchased in Dubai, whose price has nose-dived.
Secretary, Ministry of Commerce briefing the Committee regarding implementation status of previous recommendations of the Committee and Committee showed its satisfaction on the reply.
While briefing, the Secretary informed the Committee that to give the significance of sectoral consultations for competitiveness and export development, the Minister for Commerce has chaired (participated in) the consultations to formulate sector-specific strategies. The Committee recommended that a proposal regarding Sectoral Export Roadmap may be prepared and present the same in the next meeting of the Committee.
The Chief Executive Officer, Trade Development Authority of Pakistan (TDAP) gave a detailed presentation on the functioning and achievements of TDAP. The Committee recommended that the presentation may be given again to the Committee in its next meeting after incorporating the observations of the members.
The Chairman, Trade Corporation of Pakistan (TCP) also briefed the Committee about the performance of TCP. The Chairman asked the Committee to come forward and support the TCP in recovery of amounts receivable from various recipients at Federal and Provincial Government levels. The Committee appreciated the proposal of Chairman TCP.
The Report of the Sub-Committee, constituted earlier under the Convener-ship of Muhammad Atif Khan, MNA, was presented before the Committee. The Committee adopted the Report and decided to discuss it further in its next meeting.
The Committee appointed a new Sub-Committee under the Convener-ship of Khurshid Ahmed Junejo, MNA with Asad Alam Niazi, Usama Ahmed Mela and Muhammad Mobeen Arif, MNAs as its Members. The Committee will explore ways to harness the valuable natural resources of gemstones and to generate revenue for the Country.
Copyright Business Recorder, 2024
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