Islamabad, February 08, 2022 (PPI-OT):Former President of Islamabad Chamber of Commerce and Industry (ICCI) Dr. Shahid Rasheed Butt on Tuesday said foreign trade policy is beyond comprehension as needless imports continue despite record trade deficit. The trade deficit has risen to alarming levels, but unnecessary imports continue unabated, which is a perfect recipe for an economic disaster, he said.

Shahid Rasheed Butt said that country’s economy could not bear the burden of these unnecessary imports therefore, the policy should be changed without further delay. In a statement issued here today, he said that the world’s leading agricultural country whose land is fertile, and have a canal system that is considered the best in the world is importing pulses worth billions from Ethiopia.

During the current year, the edible oil import bill will jump to 3.5 billion dollars while the import of pulses will jump to one billion dollars, he added. The business leader said that Pakistan is importing food for cats and dogs with borrowed dollars while fruits, vegetables, beverages, meat, chicken, and fish are also being imported for the elite.

He noted that the auto industry is importing different items worth five billion dollars while exporting nothing, while one thousand vehicles are being registered daily in only one city of the country which is being called development. He said that the public transport system has been destroyed for the benefit of automakers while the railway was made dysfunctional for the benefit of goods transporters and the entire burden of such policies has fallen on the people.

For decades, GDP is increased through artificial measures which result in further borrowing after a few years, he observed. Amid slogans of increasing exports, imports continue to increase which is tantamount to economic suicide, he warned.

For more information, contact:
Dr. Shahid Rasheed Butt
Consul General Ghana
Former President ICCI
Former Patron ICST
Tel: +92-333-5132199, +92-51-2822571