Dr A.Q Khan urges local industry to produce imports substitute to reduce trade deficit

Dr A.Q Khan urges local industry to produce imports substitute to reduce trade deficit

ISLAMABAD: Renowned nuclear scientist Dr Abdul Qadeer Khan said Pakistan’s trade deficit had widened to a record level due to heavy imports and called upon the private sector to focus on producing import substitutions to give boost to industrial activities.

He was addressing business community during his visit to Islamabad Chamber of Commerce & Industry, a press release issued here said.
He said that business community was playing key role in the economic development of the country and bringing billions of dollars to the country through exports, therefore, government should resolve its problems on priority basis.

He said that Pakistan was endowed with so much natural resources that with implementation of good governance, it could move ahead of Turkey and Malaysia in five years in terms of economic development.
Dr Khan said that the government had taken an initiative to build new dams which was laudable. However, he suggested that along with building dams, the government should also focus on building artificial lakes in the country as a short-term strategy.

He said large quantity of rain water was being lost every year which also caused floods in the country. He said best short-term solution to store water was to construct artificial lakes in the country that would also help in coping with floods and store water for agriculture. 

He stressed that government should complete its gas pipeline network up to the Iran's border so that whenever sanctions were lifted on Iran, Pakistan could start importing gas from Iran. It would help the fertilizer industry in producing more fertilizer and rid the country of fertilizer import to save precious forex reserves.

He said that he was ready to help the government in bringing reforms in civil service system. He said he was building a 300 bed 7-storey welfare hospital in Lahore and business community should cooperate in completion of that project.
In his welcome address, Sheikh Amir Waheed paid tribute to the invaluable services of Dr Khan for the nation and said he made Pakistan the first Islamic nuclear power which was an honor not only for Pakistan, but for the whole Muslim Ummah. 

He also lauded Dr A Q Khan for patronizing many welfare projects in health and education field in the country and assured that business community would cooperate with him in such activities.