KARACHI, March 1: Federal Minister for Commerce, Textile, Privatisation and Investment, Shahzada Alam Monno said on Saturday the country’s economy was performing well and that the export target will be achieved.

In a meeting with the members of Karachi Chamber of Commerce and Industry, during his visit to KCCI Secretariat, the Minister praised the business community for maintaining the economic stability including the level of exports despite some disturbances and political developments in the country.

“There is no downfall in the economy. You can see stock markets were performing well,” he replied to a question from the media.

The minister rejected the impression that the economy would be suffering due to increasing trade deficit. Five billion dollars deficit was not something to be worried about as it was mainly related to the import of machinery and equipment which showed growth of the economy.

KCCI President Shamim Ahmad Shamsi drew the attention to power crisis and gas shortage which led to further increase in cost of doing business.—APP