Expressing its concern over trade deficit during last eight months, Multan Chamber of Commerce and Industry (MCCI) President Fareed Mughis Sheikh has said that the widening gap between the exports and imports could be curtailed through reducing imports of luxury items, including luxury vehicles. Talking to media men here on Sunday, Fareed Sheikh said that the cut in the low input cost could make Pakistani products competitive in the international market where Pakistan is losing its share to China, India and even Bangladesh.
The reduction in the input costs can substantially help improve balance of trade that has been constantly against the country, he said. He stressed the need for promoting the non-traditional exports, developing regional, product specific and target oriented marketing strategy. New markets and new products need to be explored to reduce country's dependence on few commodities and countries, he said. "We have highly concentrated in the export of a few items thus causing a source of instability in export earnings," he added. He was of the view that strong public-private partnership could help surmounting the unprecedented economic challenges being faced by the country. Pakistan has not only the ability to become regional leader but could also play a decisive role at global level, he said.