Dr Hanif Mughal, Senior Vice President of Pakistan Economy Watch (PEW), said on Tuesday that the determination of Chief of Army Staff General Asim Munir to develop the falling economy is commendable. COAS is giving special attention to industry and agriculture, which will soon improve the country’s economic affairs. Despite being an agricultural country, Pakistan exports billions of dollars worth of commodities and other products. He said that a little attention could make Pakistan self-sufficient and result in exports of agricultural commodities.

Dr Hanif Mughal said that Pakistan is all set to become a major exporter of agricultural products if the policies are modified, reviving the dwindling textile sector.

The textile sector is the mainstay of the economy, which is in ruins and merits full attention, he underlined.

He said that Pakistan’s textile sector has been stagnant for a decade; its exports are falling while rival countries’ exports continuously increase.

In the recently ended fiscal year, Pakistan’s exports decreased by four billion dollars, or twelve percent, compared to the previous year, and they have yet to reach 28 billion dollars.

On the other hand, Bangladesh’s exports have registered a 6 percent growth to reach 55 billion dollars despite financial difficulties and the global recession.

Ready-made garments have played an important role in Bangladesh’s exports, accounting for 84 percent of total exports. Pakistan’s textile sector is going down due to the cost of doing business and other reasons.

One of the main reasons for the decline in Pakistan’s exports is the import ban due to the payment crisis. The sector could not import essential dyes, chemicals, raw materials, and machinery, resulting in a downturn.

He said that Pakistan is constantly retreating from the international market while other countries are gaining space, and Bangladesh has become the second-largest textile exporter in the world.