KARACHI: President of United Business Group (UBG) Zubair F Tufail has said that after the government lifted the ban on the recent regulatory duty, the goods will be imported into the country. The domestic market and exports will be seriously threatened and foreign exchange will also be transferred abroad.
According to the central spokesperson of UBG, Gulzar Firoz, Zubair Tufail said that the government should immediately ban the import of non-essential items, finished products and locally-produced items and encourage local industry and LC margin on the import of raw materials.
Zubair Tufail said that the current account surplus of US 654 million dollars in March 2023 has been welcomed.
President UBG said the government’s policy of reducing imports has also been successful, which is the reason why the current account has become surplus.
He said that although there has been a decrease in exports due to the ban on imports and non-issuance of LCs, but if the government continues to import raw materials, the shortfall in exports can be met. If the government takes steps to promote the import and export of non-essential items, not only the economic crisis can be controlled, but the pressure on the foreign exchange will also be reduced.
Copyright Business Recorder, 2023
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