24/7 opening of Torkham multiplied exports: Jhagra

F.P. Report

PESHAWAR: KP Minister for Finance Taimur Saleem Jhagra has said that round-the-clock (24/7) operationalization of Torkham border 24/7 has an annual impact of Rs.32 billion increase on exports and Rs. 4.4 billion in import duties and taxes at the cost of only Rs.100 million per annum..

With improving facilities and easing processes, impact on exports may be closer to US$ 500 million per year at least. Minister Finance expressed these views while sharing the statistics based on 3-month customs data from September to December. Taimur Jhagra said that the statistics of Pakistan Customs tells a fascinating story and actual impact could be much higher than the one achieved in only three months.

Impact achieved at Torkham is as yet with imperfect implementation, if actually continue the good work done, and improve facilities and processes, he said i am confident the impact on exports could be increased to US$ 500 million per year, at least.

Taimur Jhagra further said when we pitched the idea to operationalize Torkham 24/7, a debate ensued on whether there was any demand for additional trade, but the last three months proved it conclusively. Glad we could give the federal government the Rs 70 million required to kick-start operations, he maintained.

Ultimately, this just shows that if we can think outside of silos, how much economic potential we can unlock. Our next step is further improving Torkham and setting up other border crossing points for success, the minister concluded.