November, 29, 2023
State Bank and Faisalabad Chamber Drive Economic Recovery

State Bank and Faisalabad Chamber Drive Economic Recovery

Infostani Sources- The economy is on the path to recovery, and the State Bank, in collaboration with the Faisalabad Chamber of Commerce and Industry. Will take concrete, feasible, and effective steps to address the business community’s issues. During a special meeting with Faisalabad Chamber President Dr. Khurram Tariq, Chief Manager of State Bank Faisalabad, and Waqas Ka Shaf Bajwa mentioned that they promptly addressed people’s banking-related complaints. Furthermore, the banking ombudsman is actively functioning, but there’s a need for increased awareness, especially within the industrial and business sectors.

Bajwa emphasized that Islamic banks currently outperform conventional banks in terms of profit generation. The expectation is that by 2027, when all banks switch to Islamic banking market forces will enable a more equitable distribution of profits. He stressed the importance of strengthening ties with the business community to resolve issues. Bajwa also encouraged the chamber president to report any specific cases of commercial banks refusing to open LCs so that they can escalate complaints to the head office.State Bank and Faisalabad Chamber Drive Economic Recovery

State of Commerce: President Discusses Smuggling, Exporter Challenges, and Agriculture Concerns

President of the Chamber of Commerce, Dr. Khurram Tariq, noted significant progress in controlling smuggling and anticipated an improvement in the payment situation in the near future. He admitted that certain tasks in this regard are proceeding in a different order than the global standard. Tariq emphasized that exporters’ apparent profitability during the recent crisis overlooks the challenges posed by expensive imports and other interventions. He called for prompt attention to the delayed payment of DLTL cases. And suggested addressing exporters’ issues during budget discussions with the IMF.

Tariq also highlighted the need for the government to focus on boosting local production of alternative canola and palm oil. Aiming to reduce the annual expenditure of 6-7 billion dollars on palm oil imports. A plan is in place to increase local pulse production over the next 3-4 years, reducing dependency on imports. Furthermore, he expressed concerns about farmers not receiving proper prices despite a successful cotton harvest.

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