Rawalpindi: (Parliament Times) The Rawalpindi Chamber of Commerce and Industry (RCCI) expressed deep concern over the decline in exports, saying that the government should reduce cost of doing of business and took immediate measures in reducing interest rates to single digit, lower petroleum prices and release exporters’ refunds.
RCCI President Saboor Malik in a statement urged government to explore new avenues in non-conventional sectors like Information Technology, Gems and Jewelry and tourism.
He said exports have dropped more than three percent in the past two months and as per Pakistan Bureau of Statistics, exports from July 2019 to January 2020 dropped two percent. The large scale manufacturing sector of the country has already been in negative growth since July 2019 and we have not seen any seriousness from the relevant quarters and measures to avert the given contraction in the national economy.
He said that the government has increased the regulatory duty to reduce the import bill and depreciated the rupee value. However, the results for these measures have not yet been proved fruitful. The increase in cost of doing business has forced investors to run away due to increase in gas, power tariffs, depleted infrastructure and taxation.
We have to give incentives to revitalize the local industry, and promote small and medium-sized businesses, develop non-traditional sectors such as precious stones, jewelry, information technology and services, as well as explore new markets, he emphasized. Pakistani products have a great demand in Central Asian countries. We must rebuild air and land routes, improve connectivity, start direct flights, build the best rail network and roads with Tajikistan, Uzbekistan, Kyrgyzstan, Turkmenistan and Kazakhstan, he further added.
