LAHORE: Former Caretaker Federal Minister for Commerce and Industry and Interior, Dr Gohar Ijaz, addressed the business community at the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Regional Office in Lahore.
He emphasized that within the next decade, Pakistan will emerge as the largest economy within the Muslim Ummah, setting a target of $100 billion for exports. Highlighting achievements, he noted the reduction of the dollar rate from 340 to 280 and the establishment of trade partnerships with China, UAE, and other nations, citing them as key markets for Pakistani products. Dr. Ijaz underscored the policy preventing the export of raw materials after three years.
He said that reason behind the surge in exchange rate is increase in Afghan transit trade, which witnessed a significant increase from $2 billion to $7.2 billion in the fiscal year 2022-2023. He clarified that $3 billion worth of products were restricted within this trade. However, upon implementing revised policies, the dollar rate stabilized.
Dr. Ijaz defended the decision to maintain an interest rate higher than the inflation rate, despite IMF objections, stating the inflation rate stood at 28%, while the interest rate was set at 22%. He emphasized the private sector's contribution to job creation, accounting for 50% of employment opportunities, and stressed the role of FPCCI in policymaking.
The event attended by prominent figures including FPCCI Regional Chairman Zaki Ejaz, former provincial Minister of Industry and Commerce SM Tanveer, FPCCI Vice President Zain Iftikhar, former President Zubair Tufail, and Group Leader of Sialkot Chamber Riazuddin Sheikh.
Copyright Business Recorder, 2024
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