Pakistan must carve out strategy to minimize imports: Engineer Ahmad Hasan.

FAISALABAD -- Pakistan must carve out a new strategy to minimize imports through the development of the import substitution industry on a fast-track basis to overcome the ill impacts of the Russia-Ukraine war on Pak economy, said Engineer Ahmad Hassan Chairman FCCI standing committees on Research and Development and CPEC.

Addressing the joint meeting of the two standing committees, he said that current global GDP is 84 trillion dollars. 'Out of it the share of Russia is around 3.11 percent', he said and added that this war has created complicated and multiple issues of inflation and supply chain in addition to aggravating the economy related worries of the third world countries.

He said that volatile economies like Pakistan would have to face major issues although; these are not directly linked with this war. He said that Pakistan should minimize its dependence on imports by developing its industry consisting of steel and production of machinery at local level. He also quoted the example of Vietnam and said, "Its exports have jumped to 36...