LAHORE: Lahore Chamber of Commerce and Industry (LCCI) on Saturday expressed the hope that upcoming trade policy would be focused on the enhancement of export competitiveness of the country.
LCCI President Malik Tahir Javaid, Senior Vice President Khawaja Khawar Rashid and Vice President Zeshan Khalil said here that economic challenges, particularly low exports and high trade deficit, had underlined the need for a well-consulted and powerful trade policy that could perform as driving force for the economy.
They urged the government to focus on a paradigm shift to enable local businessmen to become globally competitive and export those products which were valued more in the international market. The LCCI office-bearers said that today the country’s industry is facing multiple challenges, including high input costs, low productivity and foreign investment, lack of product and geographical diversification.
They said that high utility prices were the major factor, therefore, the government should focus on the issue that had not only jacked up the cost of doing business in the country but also making Pakistani exports uncompetitive very fast. They said that the government would have to tackle supply-side constraints, including the cost of capital, on a priority basis for enhancing competitiveness as Pakistani merchandise was becoming uncompetitive because of high prices.
They also urged the government to focus on South America and the African Union where competition was low and profit was high. They added that the country’s exports can become an engine of growth and prosperity in Pakistan if relevant institutions, both in public and private sectors, implement a well-tailored, well consulted and widely discussed strategy.
They also suggested the introduction of a new scheme for exports under which zero-rated import of some inputs should be allowed. Â They also said that oil import bill was one of the major reasons for high trade deficit, therefore, alternative fuels and resources should be promoted.
