ISLAMABAD: President, Islamabad Chamber of Commerce and Industry (ICCI), Ahsan Zafar Bakhtawari Friday said that Pakistan was facing an economic meltdown as exports and foreign reserves of the country were on the decline.
He urged the government to provide maximum support to the private sector in order to boost the exports for reviving the economy.
He said that during the first five months (July to November) of the ongoing fiscal year, exports had reduced to US$11.93 billion as compared to US$12.36 billion in the corresponding period of last year, which was not a good omen for the country.
He said that if this trend of falling exports continues, the government would find it difficult to achieve the export target this fiscal year.
He urged for looking into the reasons that had caused decline in exports and take urgent measures to address them to improve exports.
He said this while addressing a dinner reception hosted by Sheikh Muhammad Nasir Ali, Chairman, Pak-China Business Forum in collaboration with Traders Welfare Association, I-8 Markaz Islamabad in honor of ICCI Office bearers.
Ahsan Zafar Bakhtawari said that China’s annual imports were over US$ 2 trillion, but Pakistan’s exports to China were less than US$ 3 billion, which were negligible as compared to the actual potential of the Chinese market.
He said that the government should fully cooperate with the exporters in enhancing exports to China that would help in improving the health of the economy.
He assured that ICCI would like to work with PCBF to enhance bilateral trade between Pakistan and China that would be beneficial for both countries.
Speaking at the occasion, Sheikh Muhammad Nasir Ali, Chairman, Pakistan China Business Forum (PCBF) said that their forum was working to promote business linkages between Chinese and Pakistani companies to enhance trade, joint ventures and investment between the two countries.
He said that PCBF would bring more Chinese companies to Pakistan for JVs and investment in special economic zones of Pakistan being set up in CPEC.