FPCCI believes Eid to result in business of around $1b

Islamabad :The Federation of Pakistan Chamber of Commerce and Industry (FPCCI) on Thursday said Eidul Azha will result in the business of around one billion dollars in the country.

It will benefit millions of people linked to the rural economy, and help dozens of industries including livestock and agriculture sectors, it said.

Despite political uncertainty which has kept investors away from Eid economy, the business activity will touch the impressive mark of $1 billion, said Atif Ikram Sheikh, chairman FPCCI Regional Committee on Industries.

According to some estimates around 12 million animals would be sacrificed while hides worth Rs6 to 7 billion would be wasted due to inexperienced butchers, hot weather, lack of proper storage and transportation facilities, load-shedding, delayed processing and general lack of awareness, he said.

Atif Ikram Sheikh said that the wastage of hides and skins will result in losses to the export industry estimated at $400 million as the industry is already suffering from multiple issues He said that political uncertainty has discouraged many investors resulting in losses to the breeders who are trying to sell their animals in the urban centres by themselves.

A fall in remittances and interest of investors in the real estate sector has also damaged the Eid economy to some extent, he added. He said that Pakistan is one of the biggest producers of hides and skins in Asia and the tanners get 30 to 40 per cent of the raw material on Eid while reducing damage to the skins will benefit all the stakeholders.

The business leader said that reduced smuggling will not only bring prices of sacrificial animals down but help masses through the availability of affordable meat throughout the year. He said that government should launch a comprehensive study about Eid economy so that all the facts could be brought to limelight and steps could be taken for the welfare of the masses.