The trade deficit is largely due to the limited capacity of local industries and till 2013, many commodities to meet domestic needs were being exported overseas, says Minister of Planning and Development, Ahsan Iqbal.
He said that the main reason of trade deficit was to rely on exports. He said that by curtailing the energy crisis in the country would be able to set up new industries. Recent industrial production could hardly meet domestic needs, he added.
He said that when he took charge as a state minister in 2013, except for a few of the industries were closed. The government has been supplying electricity to the industrial sector on priority despite lower production of electricity in the country.
The consistent supply of electric power to the domestic industries helped them to continue their work. Most industries that were completely off were now at-least working in two shifts. The industrial cooperation with China would help modernise our industry, he added.
He said that there were associations and organisations of industrialists at federal and provincial levels which represented and ensured the safety of Pakistan’s industrial sector. Increased industrial production would reduce the trade deficit, he added.
