Srinagar, Apr 15: In the wake of India and Pakistan mulling to deepen their economic engagements, J&K business community today urged the two countries to also promote cross-LoC trade.
 President, Kashmir Chamber of Commerce and Industry (KCCI), Abdul Hamid Punjabi while welcoming India and Pakistan’s “joint urge to deepen economic engagements” said the two countries should also consider opening of Muzaffarabad road and other routes across the dividing line in J&K for promoting the trans-LoC trade. 
 “The cross-LoC trade can be promoted and encouraged when it is relieved of its barter system. It needs proper transportation and banking facilities and communication links between the traders across the LoC,” he said.
 Chairman of Kashmir Economic Alliance (KEA), Muhammad Yaseen Khan said : “It is a good sign that governments of both countries are planning to open more routes  and allowing investment in India.”
 “But our main concern is that both governments should remove the obstacles hindering the cross LoC trade via Muzaffarabad road,” he said.
  President Chamber of Commerce and Industry (CCIK), Muhammad Afzal Parray while welcoming the “urge of the two governments to open more trade routes and New Delhi’s decision to allow FDI from Pakistan,” said: “Muzaffarabad road was opened with much fanfare, but what is the outcome? A trader from this side can’t directly talk with his counterpart on other side. There are no banking facilities; trade is conducted on age old barter system.” 
  Parray said FDI from Pakistan in India won’t serve any purpose of Kashmir. “Our state holds least attraction to business houses to invest here. Even Indian industrialists are not investing here. I doubt any Pakistani business house will invest here.”
 He said the governments of India and Pakistan should consider opening of Muzaffarabad road all through the week as also for tourism.
  President, Jammu Chamber of Commerce and Industry, Y V Sharma said: “We welcome the opening of more trade routes between the two countries; it has been our long demand that more routes should be opened so that traders from both sides can explore the markets on both sides.”

Lastupdate on : Sun, 15 Apr 2012 21:30:00 Makkah time
Lastupdate on : Sun, 15 Apr 2012 18:30:00 GMT
Lastupdate on : Mon, 16 Apr 2012 00:00:00 IST