Islamabad: Pakistan has allegedly suffered economic losses of nearly $40 billion since trade with India was suspended in 2019 following the Pulwama terror attack and subsequent tensions, Pak-India Business Council (PIBC) chairman Noor Muhammad Kasuri claimed on Monday.
Kasuri urged the two neighbouring countries to restore commercial ties to boost investment, tourism and regional cooperation.
In a statement, he said the suspension had forced Pakistani businesses to source essential raw materials and other goods from distant markets, increasing transportation costs and delivery times.
He said Pakistan’s pharmaceutical industry had previously relied on Indian raw materials and could save $2 billion to $3 billion annually through imports from India.
Kasuri also said declining domestic cotton production had forced Pakistan’s textile sector to import cotton from Brazil, Egypt, China and the US, resulting in an additional cost of around $5 billion.
He expressed concern that Pakistani farmers were shifting from cotton to sugarcane cultivation, affecting the textile industry, and called for agricultural policy reforms.
Despite India’s large production capacity, Pakistan continues to import sugar, fertilisers, cement, petroleum, iron, steel and heavy machinery from distant countries, he said.
Kasuri added that Indian oil refineries are geographically closer to Pakistan and could potentially supply petroleum at lower costs.
