Squandering dollars

This refers to the letter ‘Engine of growth’ (July 23) by Zohaib Uddin. The writer has lamented the unabated import of used vehicles, which topped 53,609 units in 2015-16, while the domestic automobile industry has the capacity to meet the demand. Due to large imports, the domestic industry is running below its capacity.

Perhaps the writer does not understand the mindset of the present government. It is taking loans from the IMF and other international agencies on harsh terms. With borrowed dollars in hand, the easy disposal is to squander it on luxury and non-essential imports rather than deploying funds on key development projects which can generate the repayment capacity. Further, one must be aware that import trade in this country is a lucrative business and generates enormous profits. The powerful importers’ lobby has considerable influence. What Pakistan needs is creative, innovative, honest and sincere industrialists to accelerate industrialisation as we have fallen much behind other developing nations.

Arif Majeed

Karachi