Daily Times

Chariman ALM group of companies Syed Hassan Farid Khan has proposed Trade Development Authority of Pakistan (TDAP) to set up state of the art refineries in Pakistan. In a meeting with the CEO TDAP Muhammad Zubair Motiwala, the policy matters of Precious Metal Mining and Export were discussed, said a press release. It was discussed to make the policy investor friendly for international investors in this industry. On the topic of export, Hassan Farid highlighted the importance of exporting of the precious metals and to earn revenue from enhancing these exports and bringing it at par with other countries. It was agreed mutually to make a better policy for this industry. In this regard, ALM Group of Companies will provide policy proposals to C.E.O TDAP to make it export friendly. Moreover, the difference between the inter-bank exchange rate vs the open market is also hurting this cause. Mainly due to this, there is a lot of illegal smuggling of precious metals which is hurting our economy. Hassan Farid suggested the solution of making the exchange rate of dollar equal to the open market, since the inter-bank and open market dollar rate is not the same, we have lost exports of millions of dollars in the last two months Motiwala agreed that there is a need of change in policy matter and promised, to put his weight behind the drive of making precious metal mining and export as a national cause for making Pakistan earn desperately needed foreign exchange.