Mobile cranes prepare to stack containers port. PHOTO: REUTERS
In a statement, he said the government, instead of promoting exports by resolving the fundamental issue of high cost of doing business, particularly in Punjab, took impractical and illogical steps to control the trade deficit.
APTMA hails terms of revised export package
Along with other PIAF officials, Sheikh said declining exports and widening trade deficit posed a serious threat to economic growth and should be tackled on a priority basis.
The government should also find a lasting solution to the problem of high prices of foodstuff as the high import duty was causing inflation. “Business-friendly policies must be adopted as neighbouring countries have done for the trade and industry.”
The amount specified in the trade policy should be utilised for the promotion of exports by giving incentives to the trade and industry and by exploring new markets, the trade leader suggested.
He added that people would accept government claims on economic growth and prosperity only when their problems were resolved and essential commodities and utility services were made available at fair prices.
Export package termed short-term solution
Sheikh was of the view that Pakistan’s external debt was primarily increasing because of the government’s inability to enhance exports and attract foreign direct investment.
He warned the government that Pakistan had been sliding down towards a debt trap and might need another bailout package from the IMF.
Published in The Express Tribune, October 15th, 2017.
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