ISLAMABAD: Pakistan could save $5 billion in oil imports by developing Pakistan Railways, and it could repay all its debt by selling railways land.

This is the suggestion of Ahsan Zafar Bakhtawari, the president of the Islamabad Chamber of Commerce & Industry. He was speaking of how Pakistan Railways can help with Saqib Iqbal Butt, Senior Superintendent Goods, Pakistan Railways, Islamabad Dry Port during his visit to the Islamabad Chamber of Commerce & Industry.

He said that the Pakistan Railways, once a much cheaper and effective source of transportation of goods, has lost its competitiveness to road transport, and now handles only about six per cent of the freight traffic.

He urged that Pakistan Railways should improve the quality of its cargo service and work with the private sector to increase its share of freight traffic in the short term to at least 20 percent that would help its growth.

Bakhtawari said that PR should set up bonded and non-bonded warehouses, stocking, storage and loading/unloading facilities in Islamabad in consultation with the ICCI to facilitate the business community with the import and export of goods.

Saqib Iqbal Butt said that PR was ready to provide cargo services to the business community. He said that new cargo coaches will reach Pakistan soon from China that would provide better freight service to the private sector.

Faad Waheed, Senior Vice President of the ICCI, said that the business community is ready to construct stocking sheds on a BOT basis in Islamabad to stock imported goods.

Zafar Bakhtawari, Secretary General of UBG, said that Pakistan Railways should extend its rail network to Iran, Afghanistan and Central Asia and that would help Pakistan improve trade and exports. **NNI**