Unexplored areas can help double exports

Business forum says Pakistan has untapped export potential of $13b

LAHORE: As the new cabinet has taken charge, the All Pakistan Business Forum (APBF) has requested the government to adopt a holistic approach for the development of agricultural and industrial sectors in order to increase the country’s exports.

“Pakistan has an untapped export potential of $13 billion as unexplored areas in home textile products, apparels, leather products and cereals can help double exports within a year,” said APBF President Ibrahim Qureshi.



He was of the view that there was a need to devise a comprehensive strategy to promote the industry on commercial lines, which would help not only the manufacturers, but would also boost exports. “A good working environment will enhance the capacity of our workers, enabling them to compete internationally,” he added.

Qureshi voiced hope that the new cabinet would pursue radical economic reforms through a long-term stable administration.

He asked the Ministry of Commerce to explore potential international markets to enhance exports. It should work to search new trade avenues and markets in different world regions as the new trade policy was focused on improving the supply chain, enhancing the use of technology and providing competitiveness in a bid to enhance the volume of international and internal trade.



The APBF president demanded that the government offer a special package of power and gas tariffs for rapid industrial growth on the pattern of China. Owing to high tariffs and taxation, the cost of production increased, resultantly industries were unable to compete in the global market.

Moreover, it is essential to have an agricultural policy that increases the supply of raw material to agro-based industries, both domestic and foreign, such that it can help domestic textile producers regain lost competitiveness in the world market.

He stressed the need for diversifying the range of value-added traditional industrial goods, such as consumer textile and leather products, as well as non-traditional industrial goods. Negotiations for free trade agreements (FTAs) with Turkey, Thailand and Iran should be concluded as early as possible in the interest of Pakistan, he said. “The government should also try to reach FTAs with Latin American countries on the same pattern.”

Published in The Express Tribune, August 20^th, 2017.

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