Fata merger to strengthen Federation: FCCI

FAISALABAD: Merger of Federally Administered Tribal Areas (Fata) in Khyber Pakhtunkhwa will further strengthen the Federation of Pakistan as the people of Fata will also get equal rights like other citizens of Pakistan. Faisalabad Chamber of Commerce and Industry (FCCI) president Shabbir Hussain Chawla said the colonial rulers had framed special laws for this region to achieve their vested interests to subjugate the people of this area.

“It is surprising that these laws continued even after the creation of Pakistan and Fata people were treated under the Draconian laws. After the new constitutional amendment, the same laws would be applicable to Fata so that they could also claim equal rights and privileges as admissible to other Pakistanis,” he added.

Chawla said this decision should not be isolated from its economic benefit as the mainstreaming of Fata will open this region for local and the foreign investors. “Similarly it will also provide an opportunity to the people of Fata to play their part in the development of national economy,” he added. The FCCI president said this region had been blessed with precious and unlimited natural resources and we must concentrate on the exploration of precious metals and minerals in addition to utilisation of these resources for high value products.

Meanwhile, FCCI president Shabbir Hussain Chawla has expressed concern over increase of 50 basic points in the policy rates of State Bank of Pakistan (SBP). He warned that it will have negative repercussions particularly on the export-oriented SME (Small and Medium Enterprises) sector.

Commenting on the monetary policy for next two months, he said the policy rates had been raised to 6.5 percent which will now provide costly loans to the SME and private sector.