Syed Hassan Farid Khan, chairman of the ALM group of firms, has suggested to the Trade Development Authority of Pakistan (TDAP) the establishment of cutting-edge refineries in Pakistan.
In a meeting with TDAP CEO Muhammad Zubair Motiwala, Precious Metal Mining and Export policy topics were reviewed, according to a press release. It was discussed to make the policy attractive to overseas investors in this business.
Regarding export, Hassan Farid emphasised the significance of exporting precious metals in order to generate cash and bring the country up to par with other nations. It was mutually decided to improve the industry’s policies. In this context, ALM Group of Companies will propose export-friendly policies to the CEO of TDAP. In addition, the disparity between the interbank exchange rate and that of the open market is detrimental to this purpose. Because of this, there is a great deal of illegal precious metal smuggling, which is detrimental to our economy.
Since the inter-bank and open market dollar rates are not the same, we have lost millions of dollars in exports over the past two months, prompting Hassan Farid to propose making the dollar exchange rate equal to the open market rate. Motiwala acknowledged that there is a need for a change in policy and pledged to support the effort to make the mining and export of precious metals a national cause for Pakistan to gain urgently needed foreign currency.