1. Trade Revival Could Boost Investment and Tourism, Says Pakistan-India Business Council Chairman

Pakistan has reportedly suffered economic losses of nearly $40 billion since trade with India was suspended in 2019 following the Pulwama terror attack and the tensions that followed, according to Noor Muhammad Qasuri, chairman of the Pak-India Business Council (PIBC).
 

On Monday, Qasuri urged both neighbouring countries to restore bilateral trade relations, saying that renewed economic cooperation could create opportunities for investment, tourism and regional development.
 

In his statement, Qasuri said the suspension of trade had forced Pakistani businesses to source essential raw materials and other goods from distant international markets. This has significantly increased transportation costs and delivery times, putting additional pressure on businesses.
 

He particularly highlighted the impact on Pakistan's pharmaceutical industry, which had earlier depended on raw materials from India. According to him, resuming imports from India could help Pakistan save between $2 billion and $3 billion annually.
 

Qasuri also pointed to the difficulties faced by Pakistan's textile sector due to declining domestic cotton production. He said the industry was now importing cotton from countries such as Brazil, Egypt, China and the United States, resulting in an additional expenditure of approximately $5 billion.
 

Expressing concern over changing agricultural trends, he said Pakistani farmers were increasingly shifting from cotton cultivation to sugarcane farming. This, he noted, was affecting the textile industry and highlighted the need for improvements in agricultural policies.
 

Despite India's substantial production capacity, Pakistan continues to import several essential commodities, including sugar, fertilisers, cement, petroleum products, iron, steel and heavy machinery, from distant countries.
 

Qasuri argued that sourcing petroleum products from India could be more economical, given the geographical proximity of Indian oil refineries to Pakistan.
 

He further said that restoring trade relations could encourage Indian tourists to visit Pakistan, particularly those interested in exploring their ancestral villages and religious places.
 

Referring to India's assistance to Sri Lanka during its economic crisis, Qasuri said neighbouring countries could support each other during difficult times. He stressed that political differences should not prevent both nations from exploring economic opportunities.
 

"Pakistan and India share historical, cultural and family ties that can provide a foundation for better relations," Qasuri said, making a case for renewed cooperation between the two countries.