Business leaders for focus on imports substitution, exports promotion to revive economy
ISLAMABAD
All Pakistan Textile Mills Association (APTMA) Patron-in-Chief Dr Gohar Ejaz has said there is no crisis of dollars in the country.
Addressing a seminar titled “Reviving the National Economy” organized by the Chamber of Commerce and Industry Islamabad on Wednesday, he said the confidence of the business community has been lost and the government should take immediate steps to restore its trust.
Prominent business leaders from across Pakistan included Shehzad Ali Malik Chairman United Business Group (Lahore), Dr. Gohar Ejaz Patron-in-Chief All Pakistan Textile Mills Association (Lahore), S.M.Tanveer former Chairman APTMA (Karachi), Ghazanfar Bilour (Peshawar) & Engr. Darood Khan Achakzai (Quetta) former Presidents FPCCI, Khalid Tawab former Senior Vice President FPCCI (Karachi), Qazi Akbar Vice President FPCCI (Chakwal), Khalid Iqbal Malik Group Leader ICCI, Zafar Bakhtawari Secretary General UBG, Haji Afzal former President Sarhad Chamber of Commerce & Industry (Peshawar), Naima Ansari former Vice President FPCCI (Islamabad) addressed the conference.
Expressing concern over the country’s economic situation, Dr Gohar Ejaz said that all the political parties have to make a charter of the economy keeping in view the sinking economy of the country. He said that the government should end the uncertain economic situation, reduce the increasing rate of the dollar in the open market.
Gohar Ejaz said that the national debt has reached $116 billion. “Can we not live without a new car, mobile phone, and TV for a year?” He said that loan lenders are sitting on our heads while no one is giving suggestions to increase domestic exports.
Dr Gohar Ejaz said the government has nothing to do with the dollar’s hike rather it is the business community sitting in Dubai that decides the price of the $dollar in the country. “Now, the business community will have to do something for the national economy.”
The government should set priorities to strengthen the economy. Inflation is simply because of the devaluation of the rupee against the dollar,” he said, adding Pakistan needs to devise requirement-based policies to increase exports. He hoped that the country is capable of meeting its economic and social needs.
During the conference, the business leaders discussed key issues being faced by the economy and passed a solution unanimously to steer the economy out of the current economic crisis.
The resolution called upon the government to cooperate with the private sector in enhancing imports substitution and diversification of products basket and markets to boost the exports that would help in reviving the fragile economy of the country.
The resolution said that being an agricultural country, Pakistan is spending US$ 12-13 billion on the import of wheat, cotton, pulses and edible oil and stressed that their imports substitution in the country would save this amount and produce exports surplus as well.
The resolution said that Pakistan is making 70% exports of only 3-4 products and demanded that the government should support the business community in increasing the exports of IT, engineering goods, pharmaceuticals and other products.
The resolution said that the shortage of dollars is the main cause of the rising economic crisis in the country and stressed that the government should consider offering 10 years’ tax holidays on depositing dollars in banks to improve forex reserves of the country.
The resolution further demanded that the government should also consider offering a bonus scheme to exporters and foreign remitters to cover the difference between bank and open market dollar rate.
