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Tuesday, April 16, 2024

FIEDMC: Mian Kashif commends SBP for lowering interest rates

Chairman FIEDMC, Mian Kashif, regrets the consequences of the current lockdown on the local industrialists. However, he applauds SBP's decision to cut back on interest rates to help industrialists boost the economy.

Chairman Faisalabad Industrial Estate Development and Management Company (FIEDMC), Mian Kashif Ashfaq, praised State Bank of Pakistan’s (SBP) recent decision. To help the business community recuperate their industrial units, SBP slashed the monetary policy rate by 200 basis points to 9%; they believe that this would help counter the devastating effects of the coronavirus pandemic on the economy.

This statement was issued on Saturday, where Mian Kashif further shared his views. He said, “This was indeed a very good decision of slashing down interest rates”. Even the business community wholeheartedly lauded Prime Minister Imran Khan for taking the woes of businessmen into consideration during the nationwide crisis.

The FIEDMC Chairman said, “Reduction in markup rate to a single digit of 9 would be a great favor to the industrial sector. And it would help the government to attain the target of industrial growth, reduce production cost and also bring the banks’ capital into circulation”.

Read more: FIEDMC supports PM Khan’s initiative: Says construction sector will boost Pakistan’s economy

“Markup rate influences the cost of the product. Pakistani products cannot compete in the international market to those countries which are offering capital to their industries on zero or less than one per cent markup rates”, he added.

Mian Kashif Ashfaq further appealed all the businessmen, industrialists and traders to extend full support to all their poor workers. He believes that its important to ensure that no worker or his/her family member suffers starvation during the lockdown.

Mian Kashif’s views on the current situation

Mian Kashif believes that the private sector had suffered setbacks because of the higher cost of doing business. Moreover, investment in new industrial projects and expansion in the existing industry has come to a standstill. This has led to a massive flight of capital to other countries where investment and business environment is favorable and future prospects are brighter.

The FIEDMC Chairman further said, “Now under the dynamic leadership of Prime Minister Imran Khan, Pakistan would come out of the crisis of coronavirus pandemic. His monetary policies especially give significant relief to the business community and the masses would bring the economy back on the track. Our country would be succeeded to attain its due share in international markets”.

Read more: FIEDMC: Flag carrier of public-private partnership in Pakistan

He said that FIEDMC is also dealing with the negative impact of the global pandemic. The completion of its tasks was important to create economic activities and boost our exports. However, there is hope that this time will also pass. He believes that FIEDMC would soon become a hub of industrial investment in the region in the post-pandemic era.

“We are socially, morally and religiously bound to help those unable to leave their homes to earn their bread and butter because of the widespread coronavirus pandemic. Hence, we have to practice brotherhood by providing food and rations as per their requirements”, he added.

FIEDMC and it’s Industrial Cities

Faisalabad Industrial Estate Development and Management Company (FIEDMC) is a Public-Private Partnership (PPP) entity; that is, between the Punjab government and the Faisalabad business community. The Government of Punjab set up this entity in 2004 as a public listed company. Jahangir Khan Tareen undertook this whole operation during his tenure as ‘Adviser to CM Punjab on Special Initiatives’.

Read more: FIEDMC is taking strict measures against coronavirus

Since FIEDMC’s inception, it has successfully constructed three industrial estates along Faisalabad motorway; namely: M-3 Industrial City, Value Addition City and the latest, Allama Iqbal Industrial City (AIIC).

Allama Iqbal Industrial City saw its groundbreaking at the hands of Prime Minister Imran Khan, on Friday 3rd January 2020. It expands over an area of 3200 acres and is the first prioritized CPEC special economic zone. The economic zone is strategically located opposite M-3 Industrial City and interconnected through flyover at Sahianwala Interchange, Motorway M-4, Faisalabad.