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Export managers accused of pushing country in ‘debt trap’

Export managers accused of pushing country in ‘debt trap’

ISLAMABAD: The export managers have been accused of pushing country in ‘debt trap’ by failing to spur external trade.

This was revealed by Islamabad Chamber of Small Traders Patron Shahid Rasheed Butt on Sunday.

Semi-qualified and outdated export managers are unaware of changing export trends and they are too much focused on politics, he said.

Speaking to the business community, he said that collection of export Development Fund should be stopped immediately as it is being used to advance personal agenda which warrants an action.

Shahid Rasheed Butt said that the existing economic team is focused on loans discounting tax reforms and exports which led government to carry the begging bowl.

He noted that Pakistan is getting most of the remittances from Saudi Arabia and UAE which are facing economic hardships which can result in reduced arrival of foreign exchange resulting in trade deficit.

Government should immediately chalk out strategy like other countries to counter the threat otherwise situation can take unpleasant turn, he warned.

Butt said that textile sector holding 57 percent share in exports is on the verge of collapse. Pakistani textiles rose by 40 percent during 2009 to 2014 while the Indian textile sector grew by 140 percent and Bangladesh textile sector sprang up by 104 percent during the same period for which policymakers should share some blame.

The veteran business leader said that the Trans-Pacific Partnership agreement signed on 4 February 2016 in Auckland can reduce Pakistan’s exports by ten percent therefore policymakers should make plan B starting from finding new markets.

He said that textile sector can be revived by tax breaks, other relaxations, provisions of refunds and LNG.