Korangi Association of Trade and Industry (KATI) President Salman Aslam has welcomed the government’s decision to ban the import of more than 80 non-essential luxury items. Positive and concrete steps are certainly needed to overcome the worst crisis in the history of the national economy.
President KATI said the government’s decision would save billions of dollars in foreign exchange. President KATI said the government has met the long-standing demand of the business community, including KATI.
He said the move would also devalue the dollar as there was a lot of pressure on the dollar for external payments.
Salman Aslam said the move was a matter of urgency as the country could have gone bankrupt if imports had continued at the same pace. He said that smuggling was likely to be used to meet the demand for luxury items. President KATI called on the government to increase security in view of the possible increase in smuggling.
Salman Aslam said that these measures would strengthen the value of foreign exchange and the dollar, reduce the current account deficit and the country’s dependence on loans. Industry will grow while jobs will be created at the grassroots level.
President KATI added that the government’s first priority should be to increase exports and reduce dependence on imports.
Salman Aslam hoped that the ban on unnecessary imports would offset the damage done to the economy. He said that complete ban on non-essential imports would immediately help in improving the foreign exchange situation.
