PESHAWAR: The Khyber Pakhtunkhwa (KP) Planning and development (P&D) department has released business survey data which shows that the average age of business owners in tribal districts is 32 years, however, majority of owners do not have bank accounts.
The survey conducted under the merged Areas Governance Project – a subsidiary of the United Nations Development Program (UNDP) – informed that more than half of business owners have at least matric or higher education while 14% have not completed their education.
According to the officials, the reason behind the lack of interest in opening bank accounts is their “lack of interests in the country’s banking system” and the rampant extortion calls in the tribal districts. Thus, the survey results show that 56 percent of small business owners do not have bank accounts.
However, the survey provided that majority of the business owners are young which shows that there are more chances of improvement in business if they are provided proper government support and financial security. Moreover, the survey said, 20 percent business owners have returned from abroad to start their businesses brining more experience and capital to the neglected tribal districts.
The officials asked the government to improve the banking system, provide security against inflation and ensure the provision of small loans to develop businesses in the tribal districts. The businessmen said that the government to improve access to bank services and economic literacy in merged areas.
The Survey said that 20% of the tribesmen are trying to return home from abroad to start businesses, therefore, there is an urgent need to provide them business-friendly infrastructure, better financial schemes and a conducive business environment to develop the local businesses and can create huge job opportunities. Similarly, more than half of the tribes have moved to different cities of the country who can be attracted back to the tribal districts by providing them conducive business environment.