FCCI chief stresses developing import substitution industry.

FAISALABAD -- The import substitution industry must be developed on war-footing to bridge the widening gap between imports and exports, said Atif Munir Sheikh, president Faisalabad Chamber of Commerce and Industry (FCCI).

Addressing businesspeople here on Friday, he said that exports were a prerequisite to stabilise national economy on a sustained basis, but the widening gap between imports-exports had become a major challenge for the country. He said that textile was the main foreign exchange earning sector and almost 45 per cent of the total textile export was contributed by Faisalabad alone.

He said country's exports were totally dependent on imports, which were increasing with the appreciation of the dollar. He said that rupee-dollar parity had staggered the costing process and both imports and exports had become unpredictable due to the fast-changing dollar rates. He said that Pakistan must develop its own import substitution industry to discourage imports and cut the cost of production. 'It was very important as our exports must maintain its inherent competitiveness due to its being a cotton producing country,' he said and added...