Private sector asked to play role in reducing trade deficit

Islamabad : Renowned nuclear scientist, Dr. Abdul Qadeer Khan has said due to heavy imports, Pakistan’s trade deficit has widened to a record level due to which the economy was in problems and called upon the private sector to focus on producing imports substitutions in the country that would reduce trade deficit and give boost to industrial activities as well.

He was addressing business community during his visit to Islamabad Chamber of Commerce & Industry (ICCI). He said that business community was playing key role in the economic development of the country and bringing billions of dollars in the country through exports, therefore, government should resolve its problems on priority basis. He said that Pakistan was endowed with so much natural resources that with implementation of good governance, it could move ahead of Turkey and Malaysia in five years in terms of economic development.

Dr. A.Q. Khan said that the government has taken initiative to build new dams which was laudable. However, he said that along with building dams, government should focus on building artificial lakes in the country as a short-term strategy. He said large quantity of rain water was being lost every year which also caused floods in the country. He said best short-term solution to store water was to construct artificial lakes in the country that would also help in coping with floods and store water for agriculture. He stressed that government should complete its gas pipeline network up to the border of Iran so that whenever sanctions were lifted on Iran, Pakistan could start importing gas from Iran. It would help fertilizer industry in producing more fertilizer and rid the country of fertilizer import to save precious forex reserves. He said that Pakistan’s civil service structure had rotten and added that he was ready to help the government in bringing reforms in civil service system. He said he was building a 300 bed 7 storey welfare hospital in Lahore and business community should cooperate in completion of that project.

In his welcome address, Sheikh Amir Waheed paid rich tribute to the invaluable services of Dr. A.Q. Khan for the nation. He said he made Pakistan the first Islamic nuclear power which was an honor not only for Pakistan, but for the whole Muslim Ummah. He also lauded Dr. A.Q. Khan for patronizing many welfare projects in health and education field in the country assured that business community would cooperate with him in such activities.

Muhammad Naveed Malik Senior Vice President and Nisar Mirza Vice President, Islamabad Chamber of Commerce & Industry thanked Dr. A.Q. Khan for visiting ICCI and assured of their support in his welfare projects. Zubair Ahmed Malik Chairman Founder Group, Khalid Iqbal Malik & Muhammad Ejaz Abbasi former Presidents ICCI and others also spoke at the occasion the paid tribute to the services of Dr. A.Q. Khan for the country.