ICCI for focusing on exports to achieve sustainable economic growth

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ISLAMABAD, JAN 21 /DNA/ – Shakeel Munir, President, Islamabad Chamber of Commerce & Industry has called upon the government to take measures for maximum facilitation of exporters as the export-led growth was the only best option for Pakistan to achieve sustainable economic growth and bring prosperity in the country.

He said that the country has achieved over 18 percent growth in exports during the fiscal year 2020-21, however, this performance was still far less than the actual potential as Pakistan could increase exports of many products including marble & granite, pharmaceuticals, IT services, rice and others.

For this purpose, strenuous efforts from the government side for the facilitation of of exporters were needed. He was afraid that the withdrawal of exemptions worth Rs.343 billion would affect the growth of exports. He expressed these views while addressing a dinner reception organized by Muhammad Naveed Malik, former Senior Vice President ICCI.

Jamshaid Akhtar Sheikh Senior Vice President, Muhammad Faheem Khan Vice President ICCI, former MNA Zamurrad Khan, former Presidents Baser Daud and Sardar Yasir Ilyas Khan, former Vice Presidents Ashfaq Chatha and Saeed Ahmed Bhatti, Executive Member Azharul Islam, Satfeez Abbasi, Shakeel Qureshi, Sheikh Arsalan, Raja Javed, Zeeshan Sadiq, Raja Babar, Umar Sadiq, Ramzan Jutt and others were present at the occasion.

Muhammad Shakeel Munir said that boosting exports was so important for Pakistan to address its economic challenges as exports promotion would improve foreign reserves, finance imports, service debt, stabilize currency and overcome the persistent problem of the balance of payment deficit of the country.

He said that small countries like Singapore have annual exports of over USD 300 billion, but Pakistan’s exports were still less than USD 30 billion despite the fact that Pakistan has the potential to take its annual exports to USD 50-100 billion. He stressed that the government should provide support for improving the competitiveness of exports in the global market, empower SMEs by providing them easy access to finance at low interest rates, simplify regulations and reduce high taxes on businesses.

He said that Pakistan was the only nuclear power resorting to IMF for coping with its economic challenges and boosting exports up to the real potential was the most viable option to rid the country of economic woes and march towards sustainable development.