KARACHI, Jan 31: Newly-appointed federal ministers from the Mutahida Qaumi Movement (MQM) declared on Saturday before a big gathering of Karachi businessmen that they do not have much power and authority, but have a will to go ahead to serve the businessm community.

“Policies are made in north of the country while business potential is in south,’’ said Dr Farooq Sattar at a luncheon meeting of the Karachi Chamber of Commerce and Industry (KCCI) on Saturday. He declared his intention to help revive economic development.

The KCCI invited on Saturday Dr Farooq Sattar, the recently appointed federal minister for Overseas Pakistanis, Senator Babar Khan Ghori, Minister for Ports and Shipping, Senator Ahmad Ali, designated Chairman of Trade and Development Authority of Pakistan (TDAP) with the status of a federal minister and also Chairman of Senate Committee on Finance and Dr Asim Hussain, Prime Minister’s advisor on petroleum and natural resources. After hearing lengthy speeches from three chamber leaders at the outset, MQM ministers preferred to remain brief and to the point on burning business issues in their speeches.

Dr Farooq Sattar was confident of pushing up remittances inflow from $7.5 billion to $15 billion in a short time if all incentives are given to expatriates as being offered by the Indian government to its expatriates.

He said overseas Pakistanis can prove to be a big source of investment in various sectors of economy in their home country if proper guarantees are given to them.

He said that there should be no doubt that 21st century belongs to Asia and there is no reason why Pakistan should not be in the Asian countries club of India, China, Thailand, Philippines, Malaysia and Singapore.

Dr Asim Hussain, Prime Minister’s advisor on petroleum and natural sources hinted at banks’ interest rates coming down after March.

He quoted Prime Minister’s advisor on finance who gave this hint while stating that Pakistan has met all targets given by the IMF during the quarter that ended on December 2008.

About the decision of the government to give representation to Karachi Chamber of Commerce and Industry in Oil and Gas Regulatory Authority (Ogra), National Electric Power Regulatory Authority (Nepra), Federal Board of Revenue and other government agencies, he said the file is with the Prime Minister.

“Movement of file in government is extremely slow,” he informed businessmen.

Senator Ahmad Ali endorsed KCCI leaders’ complaint that a good quantity of merchandise for Afghanistan leaks out in transit in Pakistan and is hurting local industry.

He revealed that 30 to 50 containers filled with Afghanistan bound merchandise were quietly taken out from the port recently for which an investigation has been ordered.

He was critical of former Governor of State Bank of Pakistan and said when federal budget was presented last year, the inflation rate was 12 per cent.

She raised discount rate and inflation could not be controlled but interest rate went up to 20 per cent which crippled industry and business.

Senator Babar Khan Ghori re-appointed as federal ports and shipping minister responded to businessmen’a plea on Karachi Electric Supply Company’s continued apathy on frequent power break down in Karachi.

“Not a single paisa has been invested from the promised 400 million dollars by the investors,’’ he informed the gathering. The aenator promised to take up KESC issue again with the government.

Earlier the KCCI president Anjum Nisar in his address of welcome proposed to attract investment from overseas Pakistanis in business and industry on their home country by offering them full protection.

He suggested the ports and shipping minister to bring shipping lines, freight forwarders, agents and terminal operators under regulation of one institution.

He also proposed a judicious licencing system for freight agents.

Zubair Motiwala, a former President of KCCI, said that fertiliser companies were declaring huge profits because 90 per cent of their gas feedstock is heavily subsidised on which textile industry is paying a huge cost.

He called for a review of Afghan Transit Trade Agreement and reminded the MQM ministers that there were 44 landlocked countries in the world which have transit agreements with their neighbouring port countries.

He quoted transit trade agreement of India and Nepal which contain all adequate safeguards.

Mr Siraj Kassim Teli, the leader of Businessmen Group that controls KCCI, pleaded for a realistic and rational monetary policy.