Ayesha Saba

Pakistan needs to adopt a market-driven approach keeping in view the global trends and demands to maintain a healthy competition and earn maximum economic benefits. Federal Minister for Planning, Development and Special Initiatives Prof Ahsan Iqbal said that in addition to being competitive, the country’s exports should be in line with market trends and quality, and be certified on internationally acceptable standards. He said that connecting Pakistan to the global supply value chain is a major challenge that the government is working on.

Haroon Sharif, former chairman Board of Investment (BoI), said while talking to WealthPK that people are living in post-Covid recovery period, and in great uncertainty at all levels.

“We are facing many challenges of fiscal consolidation. We slowed down the growth globally from 6.2% to almost 3.6% this year which might further go down,” he pointed out.

“Our productivity is low, and competitiveness is not up to mark. Exports are also handicapped due to complex incentives offered to the industry,” he mentioned.

Haroon said Pakistan needs to create special incentives for investors to increase competitiveness, promote technology and industry to achieve the target of export surplus.

“When local industry start working on technological up-gradation and there will be an inflow of foreign investment, more employment opportunities will be generated for locals because by that time, not only the CPEC-related industries, but other sectors and industries will also be active in contributing towards economic activity in the country,” he said.

A spokesperson for the Planning Ministry, who wished to remain anonymous, told WealthPK that many factors prevent Pakistan from fully utilizing its domestic industry, like severe energy crisis, shortage of foreign direct investment, unskilled labour, inadequate infrastructure, inefficient transport system, and outdated technologies.

“It is a matter of concern that Pakistani exports are going down at a time when the competitors are writing new stories of success in the global market. For Pakistani products to attract foreign buyers, it is imperative that we diversify our businesses and introduce new products,” he suggested.

“We must develop a regional, product-specific and target-oriented marketing strategy. New markets and products need to be explored to reduce the country’s dependence on a few commodities and countries,” he added.

Independent News Pakistan-Wealthpk