Tag Archives: All Pakistan Business Forum

All Pakistan Business Forum says that government has to make a long-term strategy to control import bill

Lahore, October 11, 2013 (PPI-OT): The All Pakistan Business Forum has said that the government has to make a long-term strategy to control import bill, as the demand of hundreds of millions of dollars for crude oil purchase is the major reason of free fall of rupee.

“The all major banks wanting to cover the oil import deal rushes to open market for maximum buying of dollar, putting abnormal pressure on a local currency market. So, government has to find out alternative solutions of energy to minimize its dependence on import of oil- the main cause of dollar pressure on rupee. Economic managers need to handle the markets, as the market is lacking direction and suffering from a negative perception of high value of greenback,” APBF Chairman Nabeel Hashmi observed.

He stated that there is no short-term solution to control the rupee deprecation, because it remains under pressure when imports increase against exports. So, to ease pressure on rupee, the economic managers have to control widening gap of trade deficit by enhancing exports through providing incentives to industry, he added.

The APBF chairman urged the government to stabilize US dollar at Rs.104 as basic fundamentals of economy are comfortable and not so bad.

Nabeel Hashmi expressed the hope that exchange rate will be stabilised soon due to buoyant inflow of remittances by the overseas Pakistanis ahead of the Eid-ul-Azha, supporting the rupee against the US dollar. However, he said that the continued capital outflows should also be curbed through implementation of anti-money laundering laws effectively by setting up monitoring and reporting about the foreign exchange transactions.

He said that that effective coordination of SBP with the Federal Investigation Agency to check illegal transfer of foreign exchange through airports may be fruitful.

He said the regulator should have eye on the exchange companies, checking the business of hundi as well as hawala in the country. He said that SBP has powers under the Foreign Exchange Regulation Act, 1947 to monitor and regulate dealings in foreign exchange and import and export of currency.

Nabeel Hashmi pointed out that the Suspected Transactions Reports generated by the banks should also be monitored closely, under the laws. He said that central bank has also financial monitoring unit which should check Suspected Transactions Reports of banks. In case of abnormal activities in movement of currency, the regulator at once should become active, he added.

APBF SVP Imtiaz Rastgar said that SBP inspectors, under the rules, can visit the banks to monitor banks whether they are complying with the anti-money laundering laws or not.

Rastgar observed that central bank is unable to rescue the currency owing to its limited capacity amidst squeezing foreign exchange reserves. He said that the central bank is only taking some cosmetic steps to check free fall of local currency.

For more information, contact:
Umair Ali Khan
General Secretary
All Pakistan Business Forum
140 – Main Quaid-E-Azam Industrial Estates,
Kot Lakhpat, Lahore 54760
PAKISTAN
Phone: +92 42 35116465
Fax: +92 42 35115295
Tell: +92 307 7778234
E-mail: chairman@bfp.com.pk

The post All Pakistan Business Forum says that government has to make a long-term strategy to control import bill appeared first on AsiaNet-Pakistan.

All Pakistan Business Forum asks govt to pursue oversees Pakistanis for investment

Lahore, March 25, 2013 (PPI-OT): The All Pakistan Business Forum has suggested the government to evolve a mechanism to become more effective in facilitating investments in the country and for this purpose oversees Pakistanis should be given maximum incentives to win their trust.

APBF chairman Syed Nabeel Hashmi, who is also former chairman of the PAAPAM, said that overseas Pakistanis are one of the biggest sources to boost economy of the country adding that Overseas Chinese and Indians have made huge investment in their respective countries. “If government serves its overseas Pakistanis and take initiatives by providing them incentives then they can play a vital role in boosting Pakistan’s economy through their remittances and investments for the socio economic prosperity of Pakistan”, he remarked.

The oversees Pakistanis can invest in agriculture, transportation, telecom and energy sectors, which have huge potential. He said that government failed to attract foreign investment, as the present process of approval of projects discourages investors.

There is need to work on a one window system where the investor can be provided all necessary information and facilities. He asked the bureaucracy to work on simplification of procedures by revisiting the existing processes without compromising on transparency so that the investors were comforted.

Overseas Pakistani businessmen have always been keen to contribute towards the development of Pakistan. APBF is providing them a strong and credible platform providing information, joint venture possibilities and interface with a host of sectoral experts. The first APBF international chapter will be inaugurated next month in the United Kingdom followed by the UAE.

He appreciated the right of vote for the overseas Pakistanis and called for their representation too in parliament, as in this way, they will turned to be the ambassadors of Pakistan. They will not only remit their income but also pursue foreign investors to make investments in Pakistan.

APBF UK Chapter President designate Mr Kamran Khan said that overseas Pakistanis bring $14 billion through bank transactions and another 28 billion through Hawala (money transferred through a network of brokers) every year, he said.

“We are better Pakistanis as compared to those persons who are living in Pakistan and instead of investing in the country, transfer money to banks in Switzerland,” he said. He further elaborated that the ministry should invite Overseas Pakistanis to come and invest in the country because public and private partnership was essential for the development of country.

He said that 48 per cent of Overseas Pakistanis are working in the Middle East, 28 per cent in Europe and 19 per cent in the United States. He said that 5 million votes of Overseas Pakistanis will play an important role in upcoming elections.

However, he said that Overseas Pakistanis were perturbed because of land grabbers, law and order situation and lack of coordination between the business community. On the other hand, courts also do not decide cases on time. Proper legislation is needed to provide protection to investments of Overseas Pakistanis,” he said.

APBF central president Rashid Mehr stated that over the last several years, the foreign exchange remittances have maintained a steady rising trend, with a recorded increase of 21.8% from $6.4 million in 2007-08 to $7.8 million during 2008-09. In 2009-10, Pakistani sent home $9.4 billion, the 11th largest in the world. By 2012, Pakistan increased its ranking to 10th in the world for remittances sent home at $13 billion per annum.

For more information, contact:
Umair Ali Khan
General Secretary
All Pakistan Business Forum
140 – Main Quaid-E-Azam Industrial Estates,
Kot Lakhpat, Lahore 54760
PAKISTAN
Phone: +92 42 35116465
Fax: +92 42 35115295
Tell: +92 307 7778234
E-mail: chairman@bfp.com.pk