A Reuters file image.
Talking to a delegation of local traders on Saturday, United Business Group (UBG) Central Chairman Iftikhar Ali Malik said all efforts should be utilised to make this slogan a reality.
“Until and unless the manufacturing sector and exports are strengthened, Pakistan’s economy will not be able to achieve high growth rate,” stated a press release.
He added that Pakistan needed an export-driven growth strategy. Malik stressed that even the economy of the United States could not function without exports.
“Malaysia, Thailand, and Bangladesh are flourishing through their exports,” he added. Malik urged Pakistani entrepreneurs to prioritise the development of brands of international standards to capture global markets in the wake of the coronavirus pandemic besides earning more foreign exchange for the country.
According to him, it was high time for Pakistani entrepreneurs, the corporate sector especially younger business magnates, to concentrate on developing brands.
He underlined that vertical integration and institutional network should be strengthened on modern scientific lines to meet the challenges of global marketing in the future. “Private sector has to develop its own brands on a war footing for survival otherwise neighbouring countries will continue to sweep international markets,” he said.
Malik urged the government to conduct market research in a bid to explore new export destinations for Pakistani products. “Pakistani missions abroad should be duty-bound to introduce Pakistani products there and ensure dissemination of trade-related information so that local entrepreneurs could avail trade opportunities to the maximum,” he said.
Published in The Express Tribune, May 24th, 2020.
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