Business
Afghanistan’s Central Bank slates US plan for frozen funds
Afghanistan's central bank on Saturday criticized Washington's plan to use half the bank's $7 billion in frozen assets soil for humanitarian aid and the rest to compensate victims of the 9/11 attacks.
Calls have continued to mount for the US to release the frozen assets in order stop the freefall of the Afghan economy and assist millions of Afghans who are facing a severe food shortage crisis.
Da Afghanistan Bank (DAB) criticized the decision, saying its assets had been invested in the United States in line with international practices, and belonged to the people of Afghanistan.
"DAB considers the latest decision of USA on blocking FX (foreign exchange) reserves and allocating them to irrelevant purposes, injustice to the people of Afghanistan," the central bank said in a statement.
"(DAB) will never accept if the FX reserves of Afghanistan is paid under the name of compensation or humanitarian assistance to others and wants the reversal of the decision and release of all FX reserves of Afghanistan," it added.
The central bank funds were frozen when the former government collapsed.
Pakistan meanwhile also reacted to the decision and in a statement issued late Saturday said “the utilization of Afghan funds should be the sovereign decision of Afghanistan”.
“Over the past several months, Pakistan has been consistently emphasizing the need for international community to quickly act to address the unfolding humanitarian catastrophe in Afghanistan and to help revive the Afghan economy, as the two are inextricably linked.
“Pakistan’s principled position on the frozen Afghan foreign bank reserves remains that these are owned by the Afghan nation and these should be released. The utilization of Afghan funds should be the sovereign decision of Afghanistan,” read the statement issued by Pakistan’s Foreign Ministry.
Business
Shoemaking industry in Takhar province facing stagnation
A number of shoemakers in northern Takhar province say that while their handmade shoes are of better quality than imported shoes, but still sales are down.
According to them, there were more than 20 shoe-making shops in the past, but now some have been closed due to the decline in sales.
The shoemakers make most of their shoes from leather. A number of industrialists say that this industry is now facing stagnation.
Abdul Raqib, a shoemaking factor owner, said: “The government should support us. Currently, we import soles. It can be made with good quality in Afghanistan, and we could even compete against Turkish shoes.”
Meraj, another shoemaking factory owner, said: “Shoe sales were higher in the republic era. There were military shoes. Sales have declined now, but we still thank Allah.”
Shoemakers make these shoes with basic tools and by hand, with 5 to 8 people working in each shop.
Javed, a shoemaker, said: “Our sales are not so good. We can make any type of shoe or slipper. We want the government to support us.”
A number of Takhar residents say that domestically produced shoes are of high quality and with lower price compared to imported shoes, so people prefer domestic products to foreign products.
Mir Ata, a resident of Takhar, said: “We are very happy about domestic shoes. People should buy it. They are of good quality.”
However, the officials of Takhar Industry and Commerce Department say that they are committed to support the industrialists.
Abdul Rahman Ghaznawi, provincial director of industry and commerce, said: “People prefer domestic shoes and slippers. Takhar’s products are sold in Kunduz, Baghlan and Badakhshan as well.”
Meanwhile, industrialists say that if the government supports them, they will be able to make the best products and can be more competitive.
Business
Daily truck clearances at Torkham drop from 400-500 to 5-10
Pakistan’s Sarhad Chamber of Commerce and Industry (SCCI) has said that daily truck clearances at Torkham crossing have declined from 400-500 to 5-10.
SCCI President Fazal Muqeem Khan said this at the signing ceremony of a memorandum of understanding (MoU) with the Pakistan-Afghanistan Joint Chamber of Commerce and Industry to promote bilateral trade and cooperation.
He said the volume of trade between Pakistan and Afghanistan had fallen from $3 billion to $1 billion annually.
Fazal Muqeem also highlighted the adverse impact of the 2% Infrastructure Development Cess (IDC) imposed by the Khyber-Pakhtunkhwa government on trade and transit.
Business
Turkish scholars, charity officials assess investment prospects in Afghanistan
Officials pledged to encourage Turkish investors to explore and capitalize on investment opportunities in Afghanistan
Afghanistan’s Acting Minister of Energy and Water, Mullah Abdul Latif Mansoor, met with a delegation of Turkish scholars and officials from the Adif Charity Foundation on Tuesday to discuss various political, religious, and social issues.
According to the Ministry of Energy and Water, Mullah Mansoor praised Adif’s humanitarian efforts in Afghanistan and highlighted the country’s ample resources for energy production.
He emphasized that Afghanistan currently offers a favorable environment for investment in all sectors, assuring the Turkish delegation of the Islamic Emirate’s commitment to ensuring the safety and security of investors and their assets.
In response, Adif officials pledged to encourage Turkish investors to explore and capitalize on investment opportunities in Afghanistan, signaling a potential boost in economic and developmental cooperation between the two nations.
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