Senior Vice President of Pakistan Economy Watch (PEW) Dr. Hanif Mughal has said that the determination of Chief of Army Staff General (COAS) Asim Munir to improve the economy is commendable. In a statement issued here on Wednesday, he said that the Army Chief was giving special attention to industry and agriculture, which will soon improve the economic affairs of the country. Dr. Hanif Mughal said that despite being an agricultural country, Pakistan was exporting food commodities and other related products worth billions of dollars and a little attention can not only make Pakistan self-sufficient but also result in exports of agriculture commodities. Pakistan was all set to become a major exporter of agricultural products if the policies were modified a bit, which will also revive the dwindling textile sector, he added. The business leader said that the textile sector was the mainstay of the economy, which was in ruins and merits full attention, he underlined.

He said that Pakistan’s textile sector has been stagnant for a decade; its exports were falling while those of rival countries were continuously increasing. In the recently ended fiscal year, Pakistan exports decreased by four billion dollars, or twelve percent, compared to the previous year, and they have not even reached 28 billion dollars. On the other hand, Bangladesh exports have registered 6 percent growth to hit the mark of 55 billion dollars despite financial difficulties and the global recession. Ready-made garments have played an important role in Bangladesh exports, accounting for a share of 84 percent in total exports, while Pakistan textile sector is going down due to the cost of doing business and other reasons. One of the main reasons for the decline in Pakistan exports is the ban on imports due to the payment crisis. The sector could not import essential dyes, chemicals, raw materials, and machinery, resulting in a downturn. Hanif Mughal said that Pakistan was constantly retreating from the international market while other countries were gaining space, and Bangladesh has become the second-largest textile exporter in the world.

Credit : Independent News Pakistan-INP