PESHAWAR, Jan 17: State Bank Governor Dr Ishrat Hussain has said that Pakistan can play a vital role in the reconstruction of war-ravaged Afghanistan and the business community, especially of NWFP, should utilize the situation to its benefit.
Addressing the members of Sarhad Chamber of Commerce and Industry (SCCI) at the Chambers House here on Thursday, Dr Ishrat said that business community of Pakistan, specially NWFP, stood grater chances.
He asked the local businessmen to explore business opportunities by actively taking part in the reconstruction of Afghanistan and in this respect NWFP industrialists could take maximum share under the $10-15 billion Afghan rebuilding package.
On this occasion, he assured cooperation and support on the part of the government by facilitating the local trade and business circles in an effort to help them enhance their business terms with Afghanistan.
The SBP governor said the EU and US had already lifted trade related sanctions from Pakistan after the country placed active and effective role in the world community’s war on terrorism. The EU had reduced import tariff for the Pakistani products and increased the textile quota up to 25-30 per cent.
Similarly, the US government had already taken steps that would shortly lead to lifting of curbs from Pakistan. Necessary legislation in this respect, the SBP governor said, was under way on the part of the US and Pakistan would shortly start exports.
Pakistan has received $1.4 billion grant in return to Islamabad’s support to the coalition forces and this would be utilized on development projects, the SBP chief added.
He said government wanted to improve the country’s banking sector and in this respect major revamping would be carried out, especially in the public sector banks so that these could effectively serve the business community.
The United Bank and Habib Bank would be privatized in accordance with the federal government’s plan and banks would shortly be issued instructions to extend loans to small traders and entrepreneurs.