Pakistan, as part of undivided India, faced the ugliness of colonialism. But once that phase came to an end and we got our independence, we fell into the trap of neo-colonialism that has crippled the national economy because it has remained dependent on the industrial world.
Unfortunately, the lingering leadership crisis in the country is to blame for our continued dependence on the global market. For instance, we export our raw material for a pittance instead of converting it into a value-added product. Our exported raw material is refined and branded by industries elsewhere and we import those very products at exorbitant prices.
The only way forward is for the leadership to reconsider the relevant policies and have them implemented. Instead of exporting our raw material to the developed nations, we should build our own industries like everybody else did.
By doing so, our exports would be the final product, not the raw material, and our imports would be reduced. Together, the two elements will improve the trade balance by generating the needed revenue.