Interview with Mr Farooq Dadi — a renowned businessman
Mr Farooq Dadi is a bonafide businessman having done his Honours and Masters in the subject of international relations from Karachi University. He was a student leader and was the Chairman of Pakistan Liberal Students (one of the leading student parties during 1970s). He started his career as a businessman but was more focused as a socio-economic activist. He used to identify leakage of revenue from Central Board of Revenue (CBR), which is now Federal Board of Revenue (FBR), which contributes 60 percent to our national budget. He is still into business as an indentor, trader and is dealing in pharmaceutical raw material. He is also an active member of FPCCI, KCCI, Rotary International, Arts Council of Pakistan, Karachi University Alumni etc.
PAKISTAN & GULF ECONOMIST had an exclusive conversation with Mr Farooq Dadi. The excerpts are as follows:
The gap between agricultural production of Gulf Cooperation Council (GCC) countries and their consumption has gone up substantially in recent years. The GCC countries are shifting their agricultural policies from a nationalistic self-sufficiency approach towards flexibility by ensuring food security and the reliance on imports. The GCC being a net importer and Pakistan being a major producer of agriculture could significantly enhance trade of both countries, which includes export of fruits, vegetables, rice and other products.
Pakistan is now moving ahead with agro corporations rather than land sales as a means of luring the Gulf investment. This new approach could result in a boom in Gulf FDI. Pakistan remains fully committed to finalizing a free-trade agreement with the Gulf Cooperation Council in a bid to step up trade between the two sides. Pakistan and GCC states are committed to promoting bilateral trade and business relations and promoting private sector for enhancing trade volumes is a priority for both sides. Pakistani businessmen hope that the country would have better opportunity to export rice, meat, fruits due to FTA and there would be a lot of investment in the agro-processing units in Pakistan. Private sectors from both sides are expected to play a major role in enhancing the trade volume with the GCC.
Pakistan has just overcome successfully from its massive financial crises after the payment of $9.2 billion. A new target of Rs5,550 billion is set for FBR to collect by enhancing taxes. Out of this target Rs3000 billion will be used to pay for the installment of loans per annum.
Pakistan’s export has increased and import has been controlled. PIA has shown remarkable progress in terms of revenue. Other organizations are also showing good indicators so overall Pakistan’s economic future is very bright. Not a single case of corruption has surfaced yet from the present government, which is a healthy sign of satisfaction. President of Pakistan Dr. Arif Alvi’s role is very impressive. He is not a puppet rather he has delivered his part as a President with an exemplary role.
Pakistan’s endeavors to have free trade with the GCC countries would open plenty of avenues for the business community of Pakistan accumulating with lower trade deficit and increase in exports, which is the need of the hour to address the economic woes which our country is facing.