Economic reforms needed to save Pakistan from Sri Lanka-like situation: Gohar Ijaz
Emphasises on promoting culture of exports in country
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All Pakistan Textile Mills Association Patron-in-Chief Gohar Ejaz said that a culture of exports should be promoted in Pakistan, reported 24NewsHD TV channel.
In a statement, he stressed that economic reforms were needed to save Pakistan from a Sri Lanka-like situation, adding that poor relations with investors led to bankruptcy.
He also stressed the need for removing financial, energy and tariff barriers to increase exports, adding that major reforms were needed in the energy sector.
“The gas crisis in Pakistan is becoming severe. Small electricity distribution companies should be formed,” he said.
“The implementation of Textile Policy 2020-25 should be ensured. The supply of electricity and gas on competitive rates should also be ensured,” he added.
He emphasised that the establishment of new factories should be facilitated, adding that taxes and duties on raw materials should be abolished.
“Long-term financing should be provided. The sales tax system should be improved. The duty drawback schemes should also be improved,” he sought.
Gohar Ejaz also stressed the need for increasing cotton production and reducing high interest rate.
“Inflation cannot be controlled through high interest rates. Pakistan has increased the interest rate from 7 per cent to 15 per cent in the last six months,” he said.
“Increase in the interest rate will further increase the loans,” he added.
He also pointed out that Pakistan needed big exports. “By earning foreign exchange through exports, the economy can be stabilised. Increasing exports is the only solution to the current economic crisis.”
Reporter: Waqas Azeem