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Yassar Sakhi Butt, President Islamabad Chamber of Commerce and Industry (ICCI) demanded the Government to announce sufficient funds for export development initiatives to cope with the new trade challenges.
He said that country’s exports stood at $23.64 billion at the end of FY2011-12 as against the exports of $24.81billion in the same period of last fiscal year 2010-11, projecting a decrease of 4.71 percent. Therefore, Government should facilitate exports by announcing suitable funds for export development initiatives as the proposed fund was lowest as compared to other regional countries, he maintained.
ICCI President said a huge increase in the trade deficit would have dire consequences for the economy of Pakistan, thus future trade policy initiatives should take a comprehensive view of this problem.
Yassar Sakhi Butt said that allocation of adequate fund for export development initiatives would definitely improve the competitiveness of export-oriented industries which would ultimately enhance products quality and increase country’s exports.
Commenting on the previous trade policy, ICCI President said that the Trade Policy 2009-12 could not be properly implemented due to scarcity of funds. Therefore, he urged the Government to announce sufficient funds for export promotion as well as evolve a long-term strategy to make products attractive in the global market because our country was already losing its grip in the international markets due to energy high cost of energy and its crisis as well as other related issues.
