Trade body, chamber join hands to diversify exports

Discuss modalities of introducing new products, targeting more markets

LAHORE:

The Lahore Chamber of Commerce & Industry (LCCI) and the Trade Development Authority of Pakistan (TDAP) have joined hands to expedite exports through product and market diversification. During a meeting on Monday, TDAP Chief Executive Faiz Ahmed and Director General Rafia Syed with their team discussed with LCCI members various models and modalities to ramp up exports.

The TDAP chief executive highlighted that the government had taken important steps to reduce the cost of doing business. These include keeping exchange rate stable for the last three years, reducing electricity prices and lowering policy rate. He noted that although Pakistan's rates were still higher versus the region, they had dropped significantly compared to last year.

Faiz Ahmed said that due to the shortage of cotton, the textile industry had to rely on imports, yet annual textile exports crossed $18 billion. "Pakistani businessmen are hard-working and enjoy a strong reputation globally. The country's northern region accounts for more than 60% of exports while Punjab has major industries like textile, pharmaceutical and IT," he remarked.

Speaking on the occasion, LCCI President Faheemur Rehman Saigol said that Pakistan's biggest need was a major increase in exports and the Lahore Chamber had always provided effective input in that area. He stressed that Pakistan must diversify its markets and products, adding that Pakistani goods should be promoted with the right strategy in global markets, especially the Asean bloc and African countries, where huge opportunities exist. He also underscored the potential in sectors like minerals, tourism and medical tourism. He pointed out that the pharmaceutical sector had shown 34% growth in the first quarter, which was very encouraging.