KARACHI, May 20 (APP): Korangi Association of Trade and Industry’s (KATI) President Salman Aslam has welcomed the government’s decision to ban the import of more than 80 non-essential luxury items.
“Positive and concrete steps are certainly needed to overcome the worst crisis in the history of the national economy,” he said in a statement on Friday.
President KATI said the government’s decision would save billions of dollars in foreign exchange.
He further said the government had met the long-standing demand of the business community, including KATI.
Salman Aslam said the move was a matter of urgency as the country could have gone bankrupt if imports had continued at the same pace. He said that smuggling was likely to be used to meet the demand for luxury items.
President Kati said that these measures would strengthen the value of foreign exchange and the dollar, reduce the current account deficit and the country’s dependence on loans.
Salman Aslam hoped that the ban on unnecessary imports would offset the damage done to the economy. He said that complete ban on non-essential imports would immediately help in improving the foreign exchange situation.