FPCCI official calls for exploring new markets

Says focus on untapped markets can help to increase regional trade integration

ISLAMABAD:

Exploration of new markets and regional trade integration are key elements for economic and trade expansion in an effort to implement the government’s industrial policy, said Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Capital Office Chairman Qurban Ali.

Afghanistan could provide economic and trade connectivity with the Central Asian Republics (CARs) whereas exploration of untapped markets of the African region and potential markets of the European Union, North America and Association of Southeast Asian Nations (Asean) could help to increase connectivity and trade integration with the regional and word economies, the FPCCI official told APP.

Replying to a question, he said that strong economic relations with Afghanistan and CARs would make Pakistan a hub of regional trade, transit and transshipment.

He underlined the need for expediting work on Gilgit-Baltistan Special Economic Zones (SEZs) in order to modernise the industry and increase exports to the neighbouring China and CARs.

Ali emphasised that Gilgit-Baltistan had a huge potential in tourism, agriculture, livestock, mining, fisheries, fruits and vegetables and to capitalise on the opportunity there was a need to develop the agro industry in the region.

He was of the view that value addition in agriculture would not only give a boost to the region’s economy but would also fetch foreign exchange for the country through trade in those items.

He added that a boost to trade between Pakistan and Afghanistan would maximise chances of regional economic integration and enhance connectivity among neighbouring countries. He pointed out that the two countries had become focused on addressing trade issues and Pakistan had already allowed Afghanistan to use Gwadar for transit trade and the same was demanded by the Central Asian states to connect them with Gwadar Port.

Responding to a question, the FPCCI official said that Pakistan and African countries had agreed on a new beginning through the “Look Africa Campaign” and despite the Covid-19 pandemic, Pakistan’s trade with African countries rose 7% in 2019-20.

In response to a question on whether Pakistan could tap potential markets of Kenya and Tanzania, he said exports to Kenya increased from $265.1 million in 2018-19 to $289.3 million in 2019-20, a growth of 9%.

Published in The Express Tribune, January 7^th, 2021.

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