ISLAMABAD: The Pakistan Institute of Development Economics (PIDE) has identified high tariffs hindering exports.
This was stated by PIDE Vice Chancellor Dr Nadeemul Haque along with academia in a meeting with Commerce Minister Gohar Ejaz on Monday. The meeting was centred on the prevailing economic situation in Pakistan.
According to an official announcement, Dr Haque raised several issues during the meeting to boost the country’s international trade. It was suggested to curtail the import of 10 items to achieve a more balanced trade situation.
It was pointed out that the existing regulations are outdated and need reforms to streamline the business environment and foster economic growth.
The participants voiced concerns over the high cost of electricity for manufacturing firms, which hampers the competitiveness of Pakistan’s industries. Additionally, it was highlighted that research and development efforts in Pakistan are currently lacking, and there is a need to foster innovation and technology-driven industries.
Mr Ejaz underscored the critical importance of increasing the investment rate in Pakistan. He made it abundantly clear that investing in businesses holds the potential for far greater returns than investing in real estate.
Published in Dawn, September 26th, 2023