President Pakistan Businessmen and Intellectuals Forum (PBIF), Mian Zahid Hussain has said proper economic direction is necessary to trigger growth.

National development is impossible without boosting exports for which value-addition should be encouraged while the process of imports and exports should be streamlined.

He said that the government is studying the economic model of Vietnam on the directives of Prime Minister Imran Khan which is laudable.

He said that the majority of exports of Pakistan are based on agriculture while the input of imported items in exports is just five percent.

The share of imported items in exports of Vietnam is 36 percent. Pakistani ports can only handle trade worth 70 billion dollars while Vietnamese ports can handle imports and exports worth 400 billion dollars.

The former minister noted that many nations stabilised their economies through value-addition while some countries import raw material and semi-finished goods from Pakistan to sell them on higher rates after value-addition.

He said that import and export tariff of Pakistan is skewed which discourage new companies and SMEs from stepping into overseas trade.

Foreign investment is also focused on local consumption as a very small portion of foreign investors would take interest in the export industry.

Industrialisation is the only way to develop the country and increase in electricity production to reduce power tariff, he said, adding that loans meant for industrial and agriculture sector find their way in the pockets of selected few which should be noticed.

The relief packages are also mismanaged to benefit some influential which is holding the economy back.