Need urged to enhance trade with China, other countries to boost Pakistani economy

Islamabad: Pakistan must enhance trade with China and other countries to boost its economy, a senior government official said.

Coordinator to Federal Tax Ombudsman Meher Kashif Younis urged the need for further enhancing trade and business cooperation with China, Russia, Gulf states, and other friendly countries to help the country to overcome impediments faced due to the rapidly changing global situation in the wake of conflicts.

Talking to a delegation of industrialists and traders led by Ahmad Amin Chopra here, Younis underscored the need to review economic policies.

He stressed on the need for evolving policies by taking all the relevant stakeholders on board to flourish local trade and industry, which will help achieve sustainable economic growth and social prosperity in the country.

Younis underscored the need to review economic policies, particularly in wake of the Russia-Ukraine conflict, which he said affected the economic growth and impeded the supply of raw materials to industry.

He said after the flood devastation, the business community was facing liquidity problems, which he said is the factor responsible for the reduction in large-scale manufacturing production, including steel products. He said unexpected flash floods and high global commodity prices largely narrowed down economic growth.

He urged the government for taking all stakeholders into confidence to evolve a viable economic strategy to steer the country from the prevailing economic situation, adding that it is admitted fact worldwide that the survival of a country exclusively depends on its sustainable and sound economy.

Younis also urged the need for further enhancing trade and business cooperation with economies like China to boost the economic situation.

He said that the local steel industry is currently working at 30 % capacity due to weaker demand and high costs of imported materials.

He hoped in the prevailing scenario, the government will help rescue the importers of raw materials to meet the requirements of production lines across the country.