Businessmen should improve exports to fetch forex: Senate chairman
By our correspondent
KARACHI: Chairman of the Senate Mian Raza Rabbani on Tuesday urged businessmen to improve exports to fetch foreign exchange for the country.
Addressing at the 41st Export Trophy Awards organized by Federation of Pakistan Chambers of Commerce and Industry (FPCCI), the chairman senate said, “Export receipts are much better borrowing from international lenders.”
He said the international lenders attach many conditions on the borrowers. “The borrowing from international agency not only burden the country through interest rate but also impose many economic conditions,” he added.
He further said that these conditions also affected policy making of a country. “Foreign borrowing also compromises economic freedom of a country,” he added.The chairman senate later gave away awards to top exporters.
On the occasion President FPCCI Zubair Tufail said that the present government had paid attention to problems faced by the exporters.He said that democratic process helped improvement in economy of the country. It also improves confidence of investors on the policymakers, he added.Tufail said that investment was improving through projects launched under China-Pakistan Economic Corridor (CPEC). These projects will improve infrastructure, roads and energy availability, he added.
He said that energy situation apparently improved through LNG imports. However, the rising gap between import and export was alarming.He predicted that the imports would cross $60 billion during the current fiscal year. On the other hand exports likely at $23 billion.
Businessmen leader S M Muneer, on the occasion, said that foreign exchange of the country was depleting rapidly. Pakistan’s economic condition is not good comparing other economies in South Asia.He pointed out that cost of production was rising and cost of gas, electricity and water is much higher than regional economies.
from The News International - National
0 comments: