LAHORE: Lahore Chamber of Commerce and Industry (LCCI) has urged the Ministries of Finance and Commerce to take instant measures to sustain the balance between imports and exports.
In a statement issued here, the LCCI Acting President Amjad Ali Jawa and Vice President Muhammad Nasir Hameed Khan called for taking steps to control trade deficit.
They were of the view that the widening of trade deficit is due to significant increase in imports by 20.6 percent to $48.53 billion during July-May 2016/2017 as compared to $40.25 billion in the same period of the last fiscal year.
They urged the government that apart from cutting the cost of doing business it should evolve a long-term strategy to make its products attractive in the global market to increase its exports.
The LCCI Office-bearers suggested that the government concerned quarters should join hands with the private sector for finding out a methodology for increasing the exports of the country that is a pre-requisite to control trade deficit.
They said that Pakistani Mission abroad should also be given the task to explore new markets and new buyers for Pakistani merchandise, besides convincing foreign investors to invest in Pakistan.
