Liberal Imports policy of Pakistan is increasing trade deficit : Sheikh Alauddin

Lahore : The tycoon in local made car industry and Punjab Minister for Industries, Commerce and Investment (IC&I) Sheikh Alauddin says the liberal Imports policy of Pakistan is increasing trade deficit that needs urgent measures to be controlled amid IMF’s warnings.

He was addressing a meeting held at the Punjab Board of Investment and Trade (PBIT) on Thursday.

The meeting was arranged to review the proposed visit of CM Punjab in wake of Punjab’s joint venture with Belarus in CPEC and was also attended among others by the Punjab Minister for Planning & Development Malik Nadeem Kamran, head of PBIT and higher officers.

The meeting was informed that Belarus had expressed keen interest for business collaborations with the Punjab Government and a delegation was anticipated to visit Belarus to assess the potential areas of mutual interest for both parties.

The minister argued that such visits could be fruitful only if Pakistan’s exports are balanced with the imports of the other country. He said “Our policies must revolve around selling and not around buying. We are already losing our exports and facing rapid closure of local industry. Isn’t a matter of grave concern that we import flowers from the Netherlands and apples from New Zealand? Indian traders come here and sell their products. Our women buy Indian products like hot cakes? We need to change the mindset of our trader and consumer too. If we want to make Pakistan economically viable, we need to decrease our trade deficit significantly that would be possible if we strengthen our industry for yielding cheap and quality products. Further all trade must be channelized through banks. Presently, people import goods worth billions of rupees from abroad but nobody bothers to ask them about the source of money?” Sh. Alauddin regretted over not following the comparison sheets in CPEC.

He warned it might further damage the local industry. He also opined that Belarus made Russian Tractor was outdated and heavier to meet the present needs of Pakistani farmers so some other useful areas must be explored for proposed joint venture.

Malik Nadeem Kamran also opined that it was useless to visit Belarus without a comprehensive homework. He suggested that before reaching a final decision, a feedback must be taken from the officers who had already visited Belarus in this connection. Earlier, through a presentation, the house was informed that Belarus had potential markets for Pakistani sports goods, surgical equipment, textile products and rice.