President of Korangi Association of Trade and Industry (KATI) Faraz-ur-Rehman has said that in the current situation, when there is a shortage of dollars in the country, if the government cooperates in setting up the industry of imported raw materials and other products, then the foreign exchange can be saved. He proposed to Prime Minister Shahbaz Sharif and Finance Minister Ishaq Dar that a 20-year Charter of Economy should be drawn up in consultation with all stakeholders to promote technology in the country, further improve the capacity of local industry and focus on import substitution policy. All succeeding governments continue to implement without interruption the Charter of Economy. He said that import substitution policy should be followed, as every difficult time brings with it opportunities. We have to take steps to take advantage of the opportunity hidden in this difficulty.

President KATI said that technology transfer can improve the capacity of the existing industry. Whereas in today’s modern age technology transfer is very inevitable. The government should focus on improving the IT sector in the country. He said that due to government taxes and duties, most of the raw materials of the pharma industry, which were produced in the country, started to be imported. Apart from this, the needs of the local industry can also be met by improving the resources available within the country. He said that Pakistan is an agricultural country and is now importing commodities, pulses and other goods, these commodities can be easily produced in the country. Similarly, there are small steel mills to set up the industry of steel, iron and sheet metal in the country by increasing their capacity, the requirement of imported raw materials can be met.

Faraz-ur-Rehman said that this initiative will not only reduce the dependence on imports but also promote industrialization in the country and create immense employment opportunities, which will increase economic activities. He said that we have a shortage of dollars, but there is no dearth of domestic resources and talented, experienced youth, need a little attention to take advantage of their full potential.

President KATI said that if the government gives incentives to set up the industry of imported raw materials, which can be produced at the local level, will reduce the prices and also end the dependence on imports. He said that if steps are taken to meet the raw material requirement of the export sector on a priority basis, the cost of production will also be reduced and foreign exchange will also be earned.

Faraz-ur-Rehman said that the current account deficit can also be controlled with this measure. Now is the time for us to end dependence on imports like developed countries and promote local industry which not only guarantees economic stability but a sustainable future.