PM's commerce advisor impresses need for import-substitution policy

We've gone from exporting to importing raw cotton, says Dawood

The Prime Minister’s Advisor on Commerce, Textile, Industries and Investment Abdul Razzak Dawood says the country needs to pursue an import-substitution policy in addition to an export growth strategy to improve the country's economic position.

Dawood made the statement in Karachi while addressing the business community in a ceremony on Saturday. He hoped that the year will see high export targets being achieved.

"Our productivity at the farm level is still not adequate, the quality of our seeds is not very good and that's why we've seen a steady decline in the production of raw cotton from 15 million bales to 10.5 million bales. Now we're importing raw cotton when there was a time we were exporting raw cotton," said Dawood.

He called the current account deficit a challenge that Pakistan's business community would rise to meet.

The advisor also said talks are underway with China for improving the agriculture sector through research and development of oil seeds.

He appealed to the business community to end the common trend of import culture. A video of the talk is available with Radio Pakistan.