Former Finance Minister Miftah Ismail has said that such conditions of insecurity are seriously harmful to our exports.
Miftah Ismail, in a series of tweets released on the social networking website Twitter, said that Pakistan’s exports were 0.18 percent of the total world exports in 1992, which will decrease to 0.13 percent in 2022. Our exports have increased from 16.5 percent in 1999. Decreased to 9 percent in 2022.
He said that foreigners do not come to Pakistan due to the feeling of insecurity, many foreign airlines do not come to Pakistan, they do not like their staff to stay overnight in Pakistan.
Miftah Ismail says that our factories are not able to meet their buyers, big western companies have their offices in India and Bangladesh but not in Pakistan, we don’t get any foreign investment even in the export sector.
The former finance minister said that the policy of strengthening rupee keeps our exports uncompetitive for a few years, the policy of strengthening rupee becomes unsustainable, it leads to loss of foreign exchange and depreciation of rupee.
He further says that it takes a few years for the country to come out of the crisis, we start supporting the rupee and the cycle starts again, our companies do not have the courage to take part in the global market, our companies. Many are not part of global value chains.
Miftah Ismail also said that manufacturers are protected by us, more than half of our federal tax comes from ports, providing imported goods that go into the manufacturing of export goods.
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