Economic long march urged: PBF pinpoints key factors for economic prosperity

KARACHI: Pakistan Business Forum (PBF) Vice President Chaudhry Ahmad Jawad said that the country needs immediate œeconomic long march  to move on a consistent path of development and prosperity.

While called upon President FPCCI Atif Ikram on Friday, Jawad said the financial matters of the country could not be sustained on loans permanently and stressed the need to increase production capacity, suggesting imposing an export emergency in the country.

They urged opposition parties to play a positive role in Parliament so that the country could move forward to achieve the goal of economic stability effectively.

PBF official also suggested that trade with neighbouring countries should be allowed in Pakistan rupee in order to save a foreign exchange.

It high time the government may form a task force with representatives from the Commerce Ministry, the State Bank of Pakistan, and the FPCCI to draw up a list of countries with which Pakistan could consider doing its trade in Pak rupee.

He said the PBF has put forth a proposal to FPCCI president to tackle the nation financial challenges. The forum has called for a 15 percent rebate on all active and upcoming export orders for the duration of one year. This strategic move is aimed at bolstering exports and enhancing the inflow of dollars from both exports and remittances, which could provide some relief to the rapidly depreciating Pakistani rupee.

FPCCI President Atif Ikram emphasised that a clear policy on the rupee is necessary to support traders and industries during this period of economic instability that has persisted since January 2023.

He drew attention to the stark contrast between Pakistan's faltering export figures and Bangladesh flourishing Ready-Made Garment (RMG) sector, which saw a significant 16 percent growth in exports, amounting to $ 18.33 billion as opposed to Pakistan's $ 15.86 billion in the previous year.

FPCCI president said until and unless appreciation of the Pak rupee didn 't take place the issue of inflation will remain there. It just like the turbulence in the aircraft.

PBF Vice President Ahmad Jawad further emphasised on the revival of exports from Pakistan that government policies focused on incentivising the incumbent producers rather than increasing the number of innovators.

Copyright Business Recorder, 2024