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Sit-ins put billions of dollars foreign investment at stake

Sit-ins put billions of dollars foreign investment at stake

ISLAMABAD: The government fears that billions of dollars foreign investment will go down the drain due if sits-ins by the Pakistan Tehreek-e-Insaf and Pakistan Awami Tehreek continue in the federal capital.

“The ongoing PTI and PAT sit-ins have been hitting the national economy hard as foreign investors are reluctant to invest in the country owing to the prevailing political impasse “, said the Commerce Minister Engineer Khurram Dastgir while briefing the Senate Standing Committee on Commerce and Textile that met under the chair of Senator Haji Ghulam Ali.
“Billions of rupees of the foreign investors are feared to go down the drain due to the prolonged sits-ins of the political parties in Islamabad. “The process of exports and importers has virtually stopped and the entire machinery has been lying idle at Karachi Port,” he said and added that stock exchange witnessed a bearish trend in the current week, which also had a negative impact on the overall economy.
The Committee members expressed serious concerns over the huge financial losses occurred due to the political uncertainty and the sit-ins in front of the parliament house. The committee passed a resolution showing concern on national trade deficit, decrease of import and export, which damaged the country’s credibility at international level. The Committee noted that the country’s exports and imported are affected apart from the rupee deprecating that increase the public debt by Rs350 billion. Similarly, the trade deficit enhanced by Rs500 billion due to the political uncertainty.
Speaking on the occasion, Chairman Standing committee on Commerce and Textile Haji Ghulam Ali, who represents Jamiat Ulema-e-Islam (JUI-F), said that all matters should be resolved through negotiations in the democratic regime.
The Senate Standing Committee on Commerce and Textile discussed several issues and was informed that the government had not appointed Chairman State Life Insurance Corporation of Pakistan so far.
The Senate Standing Committee on Commerce and Textile also discussed the amendments to Trade Organization Rules 2013 for extension of the law to the tribal areas. The Secretary Commerce informed the committee that extension in the law had been sent to the SAFRON Ministry for approval from the President through FATA Secretariat.
The Senate body also constituted a sub-committee under the chair of Senator Isalmuddin Sheikh for addressing complaints of the Chambers of Commerce and Industry. The committee will comprise of Senator Sardar Yaqoob Khan Nasir and Dr Karim Ahmad Khawaja.