Industrialists demand cut in policy interest rate to boost industrialization.

ISLAMABAD -- A delegation of Islamabad Industrial Association (IIA) led by its President Muhammad Ahmed Waheed visited Islamabad Chamber of Commerce and Industry (ICCI).

They congratulated Faad Waheed on assuming charge as the Acting President ICCI, said a press release.

Addressing the delegation, Faad Waheed, Acting President, the Islamabad Chamber of Commerce and Industry said that the 22 percent policy interest rate is a major hurdle in promoting industrial activities.

He urged the government to bring it down to single-digit level that would help boost industrialization, promote investment, enhance exports, create jobs, and revive the economy.

He said that the industry in Pakistan is facing the highest interest rate in the whole Asia as the interest rate in Japan is -0.1%, Taiwan 1.88%, Thailand 2.5, Malaysia 3%, China 3.4 %, Vietnam 4.5%, and Indonesia and Hongkong 5.75%, Bangladesh and India 6.5%.

He said that the high interest rate has made our industry uncompetitive in the international market due to which our exports are not growing up to the desired level.

He said that the best way to revive the economy is to focus on export-led growth of the economy for which single digit interest rate is the key requirement.

Muhammad Ahmed, President, Islamabad Industrial Association said that the private sector is the engine of growth for the economy, but the...