MULTAN, Feb 20: Federal Commerce Minister Humayun Akhtar Khan on Thursday underlined the need to constitute an inter-ministerial committee to resolve businessmen’s problems.

Speaking at a meeting of the Multan Chamber of Commerce and Industry executive committee, he pointed out that some matters required more than one federal ministry’s interference, which prolonged the issues due to bureaucratic hurdles.

The minister said he had proposed formation of the committee and the prime minister was likely to announce it soon. He added the private sector would also be given representation on the committee.

He said the future trade scenario would be determined after the next round of the World Trade Organization, but he had a hunch that the world was moving towards zero-rated duties and formation of new trade blocs.

“Pakistan is also working on making regional trade blocs and the country was involved in negotiations with Sri Lanka for a free trade regime between the two countries,” he said.

After 2004 when the trade quotas would exit, he said China would become the major competitor of Pakistan in textile products in the international market. “But we will become China’s partner in international trade rather than competing with it,” he said.

Believing that the export processing zones had failed to deliver, the minister hinted at establishment of Special Economic Zones in the country. He said initially one SEZ would be set up in Karachi while the others in the Punjab. He also said the SEZs would be country-specific where the Pakistani laws could not be enforced. However, absorption of local manpower would be made mandatory at the SEZs.

He said the government was thinking to build warehouses and new markets of Pakistani products in various regions in the world so that the buyers could get them without any delay. “The idea is to save the time of buyers,” he said.

Mr Khan said successive governments had failed to deliver in human resource development and research, urging the private sector to play a constructive role for these areas.

He said the government was planning to set up a technology upgrade fund with the public-private cooperation.

After the 9/11 incident, the minister said the remittances had been pouring in the country through legal channels, as the expatriates had lost their confidence in the foreign lands. He added the country needed to utilize the additional resources created through remittances on productive ventures.

He claimed oil and gas, hydel and coal power, telecommunication and housing were the potential sectors for future investment in the country. He urged the businessmen to establish their own brand names in the international market instead of working for others.

He said the government was also looking into the possibility of forming Pakistan infrastructure fund to generate resources for the infrastructure development.

To the businessmen’s questions, the minister said he had requested Wapda chairman to rationalize tariff policy for consumers. “I was at a loss to understand why the commercial banks were not inclined to lend despite having strong liquidity position,” he said.

He said the government was working to reduce levies to three federal, two provincial and a local. He also said he would urgently look into the matter of NOC issuance to the Multan Cotton Association to allow it to announce daily cotton spot rates parallel to the Karachi Cotton Association.

Later, the commerce minister met the PCGA central executive committee members and urged them to develop credibility to press quality cotton so that buyers would confidently get it.

He assured them that the government would give premium price on quality cotton and said the Trading Corporation of Pakistan had been directed to make a policy to motivate the ginners for quality cotton.

BZU convocation: Sixth convocation of the Bahauddin Zakriya University will be held on Friday (today).

Governor Khalid Maqbool will be the chief guest. He will also inaugurate a research project at the university’s agriculture farms.