Pak-India Business Council Chairman Noor Muhammad Qasuri estimated Pakistan lost $40 billion in economic activity after trade with India stopped in 2019, saying renewed commerce could ease costs for businesses reliant on imported goods. Qasuri made the estimate in a statement Monday, Press Trust of India reported Tuesday, Nov. 3.
He cited textile mills’ cotton purchases as one example of the burden. He said overseas cotton purchases cost textile mills an extra $5 billion, with suppliers located in Brazil, Egypt, China and the United States. Qasuri linked the expense to declining domestic cotton production, as farmers in traditional growing regions shifted toward sugarcane, a change he said had hurt the textile industry and the wider economy.
Pakistan’s pharmaceutical industry could save $2 billion to $3 billion a year if imports of raw materials available in India resumed, Qasuri said. Qasuri said buyers also relied on distant suppliers for sugar, fertilizer and cement, as well as iron and steel, petroleum products, vegetables and heavy machinery.
Qasuri said Indian oil refineries’ proximity to Pakistan could make petroleum supplies less costly and faster to deliver. Wider access to Indian agricultural and industrial goods could also lower production expenses, he said.
He called for policies to revive domestic cotton production and urged Pakistan and India to restore commercial ties. Qasuri said renewed trade could support investment and tourism, including visits by Indians to religious and historical sites and ancestral homes. He pointed to India's financial support during Sri Lanka's economic crisis, saying it illustrated how neighbors might cooperate during difficult periods. He said the two countries could address political disputes through dialogue.
