KARACHI, Sept 18: The federal commerce and industries minister Abdul Razak Dawood on Wednesday urged the people to get rid of “made in Pakistan” obsession, and said that everything could not be produced in Pakistan.

“We can produce certain parts and equipments and would have to import others for assembling television sets or other goods,” the minister said at the National Bank of Pakistan. The occasion was signing of a Memorandum of Understanding (MoU) by the NBP and New Allied Electronics Industries Limited (NAEIL) for financing LG electronic products purchase by the customers under a consumer financing scheme.

“No harm in importing those equipments which are not feasible to be made in Pakistan,” he remarked. “Don’t be apologetic for offering TV sets of foreign made equipments,” he told the MAEIL representatives. He said the signing of the MoU and launching of scheme will kick start the economic revival and boost industrial production. He called the scheme a public private partnership.

Under this MoU, the NBP is launching the first phase “Ghar Ghar television” from next month and offer financing facility of Rs10,000 to Rs100,000 for 12 to 24 months. This scheme is being launched from October 10.

The president of the NBP, Ali Reza, said that no down payment for television would be charged but first instalment would be deducted at the time of sanctioning and delivery of TV set.

Ali Reza said that NBP has taken a lead in consumer financing and intends to announce similar financing facility for many other products like air conditioners, automobile, washing machines and other durables after making an assessment of the current scheme.

Razak Dawood in his speech said that he wants every household in Pakistan should have TV sets, washing machines and other essential necessities of life. “Our government wants to improve the quality of life,” he remarked adding that there is a proposal to extend banking finance facility for purchase of air conditioners, washing machines and other durables.

“What about electric power supply problem,” the minister was asked immediately after the signing ceremony was over. “Who will pay for the damages of these durables because of frequent power break downs and abrupt voltage fluctuations” was the second question. The minister was found looking for answers and he preferred to keep quiet and avoid the question.

In his speech Razak Dawood strongly pleaded for converting assets like homes, cars and other belongings into liquid cash to purchase essential products.

He said that people in Pakistan were great consumers and quoted a top beverage company which claims to be selling its products in Pakistan market equal to 700 million consumers in Bangladesh, Sri Lanka and India.

Ali Reza, the President, NBP, pleaded for liquification of the fixed assets like homes and proposed that at least 10 to 12 per cent of asset should be converted into cash for purchase of goods.

He said that in the US 92 to 93 per cent purchase their requirements against banks finance, leasing or other financial arrangements. In Europe about 65 per cent people and in Asia about 25 per cent. But in Pakistan less than 1 per cent population resort to lease and bank financing.

“Unleashing of fixed assets into market in cash form will give a tremendous boost to the industry,” he said.