Global slowdown has damaged exports of all countries:SM Muneer

Lahore: Chief Executive Officer of Trade Development Authority of Pakistan (TDAP) SM Muneer on Wednesday said a plan has been finalised to boost national exports which will be presented soon to Prime Minister for approval.

The plan will help improve GDP, forex reserves and employment rate while reducing current account deficit which fell from 3.1 billion dollars to $2.6 billion and continue to improve balance of payments, he said.

Talking to a delegation of leading exporters, SM Muneer who is also Patron-in-Chief of the United Business Group of the FPCCI said that dozens of countries have seen exports falling due to recession in Europe.

Despite best efforts Chinese exports continue to fall for fourth straight month while Indian exports are falling since eleven months to 32 billion dollars, he said, adding that global exports of leather and leather products is down by 60 percent, carpet exports suffered a blow of 50 percent while different countries have witnessed slide in value added exports from 15 to 50 percent.

However, the external sector of Pakistan is performing well as compare to economic super powers where the exports fell by one billion dollars as compared to the propaganda of $4 billion fall. The fall is not in the volume but reduced prices as low demand has flooded the international market, he added.

SM Muneer said that imports are also falling, Pakistani imports fell by 12.5 percent for which exporting countries cannot be blamed.

The seasoned business leader said that he took charge of TDAP chief on the behest of Prime Minister Nawaz Sharif on honorary basis without any salary or perks.

“I introduced reforms, initiated restructuring and brought level of corruption to zero in an institution where Rs31 billion corruption was recorded and 61 FIRs were registered against top officials including ministers,” he said.

He said that he has managed 118 expos in country and abroad while the expanses of main Karachi expo have been reduced from Rs 230 million to 35 million rupees.

Muneer said that he is in trade politics since four decades, he has cleaned TDAP and FPCCI so that it can serve the purpose of business community and not that of the rejected elements who want to takeover it through backdoor to unleash a new era of plunder.