Pakistan Makes All-Out Efforts to Put Economy back on Track: Minister
TEHRAN (Tasnim) – Pakistani caretaker Minister for Commerce Gohar Ejaz said that his country has been exploiting all resources to bring the national economy back on track with sustainable growth and development.
Pakistan needed to further enhance exports of manufactured items to earn valuable foreign exchange by diversifying exports and achieving targets of 80 billion US dollars in exports within the 90-day time frame, the minister said on Friday, Xinhua reported.
"Enhancement of export attracts foreign direct investment. The government was committed to increasing the volume of exports, and various measures were being taken in this regard," Ejaz said.
The minister added that a large chunk of Pakistan's exports consisted of textile and agricultural products, serving as a backbone of the country's economy.
To help industrialists increase their exports, the government has been providing a special subsidy on electricity while a new policy of provision of electricity on wheeling charges would further benefit industries in the coming months.
He said that the role of the business community in the development of the country is vital, adding that all-out efforts are being made to remove bottlenecks and create an enabling environment for both local and foreign investors to boost the economy.
Talking about the persistent pressure on the Pakistani rupee, Ejaz highlighted that the local currency continued to gain ground against the US dollar over the past two weeks as the government has recently launched a crackdown against currency smugglers, creating artificial shortages.