"Bangladesh does not grant visas to our people. It's a political issue. We have taken up this issue with the Ministry of Foreign Affairs," he added.
Additional Secretary Commerce Division, Syed Tariq Huda Shah informed the committee that a summary for the appointment of Chief Executive TDAP has been sent to Prime Minister Imran Khan. The summary comprises three names, of which former Secretary Finance Arif Khan, who is also a member of various Boards, is considered as the favourite. While deliberating on the measures taken by TDAP to promote business abroad, the committee was informed that Pakistani exporters are meeting with the chambers, trade associations and potential buyers in several countries. The outcome of the trade delegation depends on product acceptability, pricing and compliance; there is a need to explore new markets and the foreign office would need to be taken on board.
The committee also discussed the possibility of shifting the head office of TDAP from Karachi to Islamabad. However, Additional Secretary Commerce Division stated that TDAP has offices in Lahore, Peshawar, Quetta and Islamabad which are facilitating exporters and TDAP head office in Karachi is also facilitating businessmen and other export related activities.
The committee was informed that China is importing sugar, rice and cotton yarn from Pakistan worth one billion dollars, which is over and above the concessions to be availed in FTA-II. Director General Trade Policy, Muhammad Ashraf said that China is purchasing sugar from Pakistan at a good price.
Chairman State Life Insurance Corporation (SLIC)/newly appointed Secretary Finance, Younus Dagha briefed the committee about affairs of the insurance company whose market share has declined from 61 percent to just 28 percent, and projected a further decline during this year.
He said that SLIC's asset worth is Rs 800 billion. Another official stated that SLIC has invested Rs 686 billion in Pakistani Bonds. SLIC's policy holders are 0.6 million.
Younus Dagha stated that SECP had urged on the Commerce Division again and again to rectify its wrongdoings to avoid a penalty and the government has now taken steps in accordance with SECP's directions.
He further stated that dummy agents have been fired due to which Rs 4.8 billion has been saved. This amount is being distributed amongst the policyholders.
The committee also got a briefing on unclaimed policies. The committee was informed that an amount of Rs 10 billion of policyholders is lying with SLIC which has not yet been claimed.
An official informed the committee that the finance ministry and the SBP are formulating a law according to which the amount of unclaimed insurance claims will be surrendered to the SBP after a specific period.
While discussing unclaimed insurance benefits the committee was informed that one major impediment faced by the organization is lack of a centralized database of deaths. The Nadra has created software that is being used by respective Union Councils for issuance of death certificates; however, the same is not linked with the Nadra. This has limited regulatory compliance. It was revealed that Nadra has refused to conduct bulk verifications which are a major impediment in paying off claims.
The committee directed the ministry concerned and the Nadra to facilitate SLIC. A letter will be written to the Nadra in this regard at the earliest and it will be summoned to the next standing committee meeting.
While being briefed about the steps taken by SLIC to reduce business procurement costs, and resolve the issue of dummy agents, the Chairman and members of the Committee appreciated Chairman Younus Dagha for his efforts in making SLIC a more efficient organization.
The meeting was attended by Senator Nuzhat Sadiq, Senator Dilawar Khan, Senator Dr. Ghous Muhammad Khan Niazi, Senator Nauman Wazir Khattak, Senator Ahmed Khan and senior officers from the Ministry of Commerce and Textile Industry, State Life Insurance (SLIC) and Trade Development Authority Pakistan (TDAP).
