Karachi: President of United Business Group (UBG) and former president of FPCCI, Zubair F. Tufail, has said that after the government lifted the ban on the recent regulatory duty, the imported goods will be imported into the country. The domestic market and exports will be seriously threatened and foreign exchange will also be transferred abroad.
According to the central spokesperson of United Business Group, Gulzar Firoz, Zubair Tufail said that the government should immediately ban the import of non-essential items, finished products, and locally produced items, the government should encourage local industry and LC margin on the import of raw materials. Do not ask for money.
Zubair Tufail said that the current account surplus of 654 million dollars in the third month of this year, March 2023, has been welcomed. President UBG said that the government’s policy of reducing imports has also been successful, which is the reason why the current account has become surplus. Zubair Tufeel said that although there has been a decrease in exports due to the ban on imports and non-issuance of LCs if the government continues to import raw materials, the shortfall in exports can be met. President UBG Zubair Tufeel expressed hope.
If the government takes steps to promote the import and export of non-essential items, not only the economic crisis can be controlled, but the pressure on foreign exchange will also be reduced. He said that there are no orders from the State Bank to pay the amount of LC margin on the import of raw materials, so the government should continue uninterrupted supply by ending the LC margin on the import of raw materials and machinery used in exports.
