PBF demands import review

ISLAMABAD: The Pakistan Business Forum (PBF) on Monday called on the government to establish a committee led by a tariff commissioner to identify non-essential imports that could be suspended for up to two years without harming the national economy. The move aims to reduce Pakistan's import bill by $8-10 billion annually, thereby strengthening the Pakistani rupee.

During a meeting with the Solvent Extractors Association, PBF President Khawaja Mehboob ur Rehman suggested measures such as imposing a 100 percent cash margin, quantitative restrictions, prohibitive tariffs, or even a complete ban on the import of certain items.

The PBF also urged the government to expedite efforts to resolve the country's extensive energy issues and to implement policies that would lower the high cost of doing business in Pakistan. This includes increasing the ease of doing business, reducing production costs, issuing early refunds to alleviate liquidity issues, relaxing import policies for industrial raw materials, and standardizing energy tariffs nationwide.

Rehman emphasized the importance of boosting exports through diversified marketing strategies and adopting new technologies to meet international challenges. He outlined a new economic growth strategy for Pakistan, focusing on privatization, attracting foreign direct investment, phasing out subsidies to public-sector enterprises, dismantling domestic cartels, and promoting free trade.

Highlighting the success of nations like South Korea, Taiwan, Malaysia, Indonesia, Chile, Singapore, and Costa Rica in achieving economic prosperity through free trade, Rehman pointed out the potential benefits of increased trade and regional economic integration between Pakistan and India. He noted that open trade with India could provide Pakistani businesses with access to a vast market and advanced technologies, leading to sales growth and economic expansion.