Secretary voices concerns of financial crunch after 30% reduction.
KARACHI: Trade Development Authority of Pakistan (TDAP) Secretary Rabia Javeri Agha said that the body was facing a ‘massive financial crunch’ after funds allocated by the federal government were reduced by 30%.
While conveying this to Karachi Chamber of Commerce and Industry (KCCI) acting president Muffasar A Mailk, Agha added that the budget cut would hinder the TDAP’s job of creating linkages between the business community in Pakistan and its counterparts across the globe. “The TDAP had been receiving Rs 1 billion to meet its expenditure since the 90s up until now,” said Agha. “But the reduction will create problems. Our job is to create strong linkages and this will now be massively affected.”
Agha further highlighted that, despite the development of high quality products in Pakistan, there is a lack of promotion in the international market and requested the KCCI to showcase these products at various platforms.
Referring to the World Expo, Agha said that Pakistan should refrain from participating as this would not only be costly but would fail to fulfill any commercial purpose.
Meanwhile, Malik said that during the past few years Pakistan has faced several difficult challenges. These include economic instability, internal and external security threats and the deteriorating law-and-order condition that have reduced the pace of local and foreign investment.
“We, at the KCCI, believe that the only solution strengthen the economy is industrialisation and enhancing exports,” said Malik, adding that the country was in dire need of a paradigm shift in respect to exports.
Stressing on the importance of ensuring a smooth business community and exports, Malik suggested that the TDAP should introduce a legal framework to protect exporters from unforeseeable circumstances such as consignment losses.
He furthered advised the TDAP to work jointly with the KCCI and set up a showcase display centre for Pakistani products in European
countries and other regional countries.