Karachi: President, Lasbela Chamber of Commerce and Industry (LCCI) has said that following the twin shocks of COVID-19 as pandemic and global oil price reduction, Pakistan’s export-driven strategy has signaled for immediate backing by the State Bank of Pakistan in the form of a policy-rate cut by as much as, 3.5 to 4 percent from the current 13.25 figure.

Ismail says that the government’s resolve to contain the spread of virus is commendable and foreign industries are now considering relocating to Pakistan due to it. On behalf of the manufacturers, the President LCCI, voiced note that incentives such as import-duty slash on requisite raw materials must continue to remain unabated, as it will ensure economic stimulus.

He said the global oil-price reduction comes as a mercy at a time when the entire machinery has shifted gear on exploiting the optimum export potential. Ismail opined that a rational [but guaranteed] lowering of interest rate together with [now] cheaper oil import shall raise future expectations of investors and serve as vantage point for Pakistan in steadily conquering the budding trade gap in GSP+ backed markets of Europe. Moreover, it will also make business climate more lucrative for foreign investment in the ongoing pandemic.