Business leaders urge to focus on imports substitution.

ISLAMABAD -- Business leaders on Wednesday urged the government to focus on imports substitution and exports promotion to revive the economy.

Addressing the conference on Revival of Economy, organized by the Islamabad Chamber of Commerce and Industry (ICCI), they highlighted key issues being faced by the economy and unanimously passed a solution to steer the economy out of the current economic crisis.

The resolution called upon the government to cooperate with the private sector in enhancing imports substitution and diversification of products basket and markets to boost the exports that would help in reviving the fragile economy of the country.

The resolution said that being an agricultural country, Pakistan is spending US$ 12-13 billion on the import of wheat, cotton, pulses and edible oil and stressed that their imports substitution in the country would save this amount and produce exports surplus as well. The resolution said that Pakistan is making 70 percent exports of only 3-4 products and demanded that the government should support the business community in increasing the exports of IT, engineering goods, pharmaceuticals and other products.

The resolution said that the shortage of dollars was the main cause of the rising economic crisis in the country and stressed that the government should consider offering 10 years' tax holidays on depositing dollars in banks to improve forex reserves of the country. The resolution further demanded that the government should also consider offering a bonus scheme to exporters and foreign remitters to cover the difference between bank and open market dollar rate. The resolution urged that the...