FPCCI expresses concern over dwindling exports
ISLAMABAD: Federation of Pakistan Chambers of Commerce & Industry (FPCCI) has said that falling exports and deteriorating remittances was alarming for the government. Chairing the business advisory meeting, FPCCI Vice President Riaz Khattak said Pakistan forex reserves are under pressure as exports and remittances continue to fall while imports are growing; our exports fell by seven percent in July as compared to the exports of July last year. He said this situation demands extra attention to the dwindling export sector that holds pivotal position, adding that despite incentives given to exporters in the budget, the performance of inept export managers of TDAP was visible. Similarly among the many factors responsible for our dismal exports, decades of protectionist policies have rendered local industry uncompetitive and inefficient. A protectionist policy works if it protects an infant industry; but protecting mature industries simply does not make sense and is not sustainable. Even with infant industries, there should be solid plans to develop them, invest in their infrastructure, assist them by driving innovation like in the sectors of horticulture and minerals; he added. We may realized that India has used protection polices very effectively and now their exports nearly $300 billion.