Pakistan Businesses Forum (PBF), while terming the ban on imports of luxury items necessary, has stressed the need for taking additional measures to regulate the burgeoning food import bill to support the country’s faltering economy.
In a statement, PBF Vice President Ahmad Jawad called on the authorities to control the rising food imports as the country spent over $8 billion on the import of edible items in the last financial year.
To bridge the food production gap, the food import bill surged by more than 12.3%, which was $8 billion in the first 10 months of FY22, compared to $7 billion in the same period of last year, it added.
Jawad urged the economic managers to draw up a long-term plan for import substitution and to increase exports so that Pakistan could become self-sufficient.
He also emphasised the need for the adoption of international best practices in the priority sectors and consultations with the international experts to achieve success.
Furthermore, Jawad underscored the need for enhancing inter-ministerial coordination and public-private partnership to increase exports.
He suggested that oilseed crops needed to be promoted and the base price may be set by the government.
Published in The Express Tribune, May 29th, 2022.
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