‘Trade policy likely to focus on exports’

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has expressed the hope that the upcoming trade policy will focus on enhancement of export competitiveness of the country, a statement said on Saturday.

LCCI President Malik Tahir Javaid, Senior Vice President Khawaja Khawar Rashid and Vice President Zeeshan Khalil said that economic challenges, particularly low exports and high trade deficit, have underlined the need for a well-consulted and powerful trade policy, which can serve as a driving force for the economy.

Today the country’s industry is facing multiple challenges, including high input cost, poor innovation, low productivity, little foreign investment, and the lack of product and geographical diversification, they said.

High utility prices are the major factor; therefore, the government should focus on the issue that has not only jacked up the cost of doing business, but also making our products uncompetitive.

The government would have to tackle pressing supply side constraints, including cost of capital on priority basis for enhancing competitiveness, as Pakistani merchandise are fast losing their due place in the global market only because of high prices.