Patron Islamabad Chamber of Small Traders Shahid Rasheed Butt on Sunday speaking to the business community, said that collection of export Development Fund should be stopped immediately as it is being used to advance personal agenda which warrants an action.
He blamed export managers for pushing country in debt trap by failing to spur external trade. Also semi-qualified and outdated export managers are unaware of changing export trends and they are too much focused on politics.
Shahid Rasheed Butt said that the existing economic team is focused on loans discounting tax reforms and exports which led government to carry the begging bowl.
He noted that Pakistan is getting most of the remittances from Saudi Arabia and UAE which are facing economic hardships which can result in reduced arrival of foreign exchange resulting in trade deficit.
He warned that government should immediately chalk out strategy like other countries to counter the threat otherwise situation can take unpleasant turn.
The veteran business leader said that the Trans-Pacific Partnership agreement signed on 4 February 2016 in Auckland can reduce Pakistanâ€™s exports by ten percent therefore policymakers should make plan B starting from finding new markets. The textile sector can be revived by tax breaks, other relaxations, provisions of refunds and LNG.
The Pakistan textile sector holding 57 percent share in exports is on the verge of collapse. During 2009 to 2014, Pakistani textiles rose only by 40 percent while the Indian textile sector grew by 140 percent and Bangladesh textile sector sprang up by 104 percent during the same period.
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