Coronavirus is continuously creating problems and forcing shutdowns from workplaces to airports.
But the coronavirus will turn into a blessing for the deteriorating economy of Pakistan.
Here is how.
As you know, the textile sector is already working to its full capacity. And the textile mills are unable to handle more orders.
The increase in production is only because of the workload shift from China to Pakistan.
You got it, right?
If we make long term planning, we can double our exports in 4 to 5 years.
All we have to do is to facilitate the export sector by taking some necessary steps like:
- Allow duty-free import of raw cotton as local production won’t be enough.
- Cap gas and electricity prices for industrial users for a minimum of 2 years.
- Process the refund claims faster in the Weboc system to encourage the exporters.
- Facilitate ease of doing business by simplifying the method of registering a company/firm.
On the flipside, coronavirus is adversely hitting the import sector, especially electronics imports as production is down in China.
But again, careful planning can help Pakistan to build a platform for local production, including the electronic parts.