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ISLAMABAD: Two federal ministers have forecast that Pakistan’s exports will climb to $100 billion from $30bn in the next few years without outlining the pathway for achieving a three-fold increase in export proceeds.
Planning Minister Ahsan Iqbal and Commerce Minister Jam Kamal Khan painted a rosy export outlook on Tuesday while speaking at a dialogue on the Governance Innovation Lab on the ‘Export-Led Economy’ theme.
The International Monetary Fund (IMF) disputed the proposed export target figure surfaced in its first assessment during the caretaker government under the $3bn Standby Arrangement, projecting a maximum export of $39.46bn in FY28.
Mr Ahsan said Pakistan has immense potential in information technology, mining, blue economy, creative industries, and other sectors. He also said the private sector has a pivotal role in the government’s efforts for economic development.
“We have to achieve the goal of increasing our exports from the current $30bn to $100bn, and without this, the country’s economic independence is not possible,” the planning minister said.
Mr Iqbal said, “The private sector also has to focus on value addition of their products to increase their value in the global market.”
He stressed that Pakistan must implement the National Export Emergency to realise its dream of becoming a hub of trade and communication in the region. “If we do not increase our exports, we will have to take more loans, and this situation may push us into more economic difficulties,” he warned.
Mr Kamal said the development of small businesses is the government’s priority. Talking about the increase in exports, he said that the country has to increase exports to reduce the dependence on IMF and remittances.
He further said there is a need to improve the procedure of business financing so that investment can increase. He also stressed the need for a comprehensive strategy to raise exports to $60bn by FY29.
He emphasised that investors’ confidence had been restored after the approval of the new IMF loan programme and that it would help boost exports. “Our government is negotiating with IPPs to reduce energy tariffs, and steps are also being taken to reduce power theft and losses”, he said.
He said that the ‘Brand Pakistan’ campaign has been launched to strengthen the identity of Pakistani products in the global market. “In the past, more focus was on textiles, but now we are paying special attention to pharmaceutical exports as well,” he said.
Published in Dawn, October 9th, 2024
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