'Interest rate to come down by 3 percent'

[LahoreEstate]

KARACHI: The markup rate will be cut down to 12 percent by end of current fiscal year, Chairman Board of Investment (BoI), Saleem Mandiwala stated here on Saturday. Addressing a seminar on "Infrastructure Development" organised by Karachi Chamber of Commerce & Industry (KCCI), Mandiwala spoke about the initiatives being taken to facilitate the business and industry, which has been complaining about the high interest rates. On various problems confronting the industry, he said that government is working on development of infrastructure on public-private partnership. "Work in also underway on industrial package to provide relief to the sector," he added. He told business community that great focus has been laid on electricity generation through hydel, wind, coal and other alternate resources to cope with the acute power shortage, which has left adverse affect on the working of industry. Apart from industry, he pointed out that equal attention is being paid to agriculture sector. He assured that a meeting would be held in the chamber to remove the grievances of business community about customs officials and Chairman FBR, Ahmed Waqar would attend it. Executive Director, Planning Commission, Lt Gen.® Mohammad Zubair said that public-private partnership policy has been finalised. "This model is success story in UK, USA, Australia, Canada and other developed nations," he added. Planning Commission has identified the issues confronting the private infrastructure, which is keeping the investors at bay. An important area, he said, is legislative and administrative weaknesses, which are hindering the investment. Adviser to Sindh Chief Minister, Zubair Motiwala said that private sector is ready to work with the public sector. "The development of roads, bridges and other infrastructure should be encouraged on Built, Operate and Transfer basis." staff report

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