Press Releases - Centre specific companies are vital for sustainable growth in exports: Mian Zahid Hussain.

President Pakistan Businessmen and Intellectuals Forum (PBIF), President AKIA, Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister, Mian Zahid Hussain on Wednesday said that worsen economic situation, huge current account deficits, declining foreign reserves and decision to avail another bailout package from IMF has resulted in appreciation of USD by 8 percent. USD is expected to be further appreciated by 9 percent given to availing IMF loan. The decision has also badly affected the stock exchange. On October 8, the PSX-100 index has declined by 1328 point exposing investors to losses of millions of rupees.

The veteran business leader while talking to the business community said that recent measures of Government will further worsen the difficult economic situation going on in the country. The cost of doing business has highly increased, adversely affecting the industrial production and business activities. Exports can be increased but for a limited time. The depreciation of PKR will lost its effect on exports in long run. To attract foreign investment, currency stability is vital; else foreign investors will be compelled to take out their money from local businesses. To encourage investors, it is largely required to form long run positive policies, in support of investment, industrialization and currency stability.

The former minister said that to improve the Country's export on sustainable basis, centre...