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LAHORE, Dec 01 (APP): Lahore Chamber of Commerce and Industry (LCCI) and Trade Development Authority Pakistan (TDAP) Monday joined hands to expedite exports through product and market diversification.
The TDAP Chief Executive Officer Faiz Ahmed Chadhar and Director General Rafia Syed with their team spent more than two hours here at LCCI and discussed various models and modalities to increase exports.
LCCI President Faheem-ur-Rehman Saigol welcomed them, while Senior Vice President LCCI Tanveer Ahmad Sheikh, Executive Committee Members Irfan Qureshi, Shouban Akhtar, Firdos Nisar, Waqas Aslam, and former Vice President Mian Zahid Javaid were also present.
Faiz Ahmed Chadhar said that government has taken important steps to reduce the cost of doing business. These include keeping the exchange rate stable for the last three years, reducing electricity prices, and lowering the policy rate. He said that although Pakistan’s rates are still higher compared to the region, they have dropped significantly compared to last year.
Faiz Ahmed said that due to shortage of cotton, the textile industry has to rely on imports, yet textile exports have crossed 18 billion dollars. He stated that Pakistani businessmen are hardworking and enjoy a strong reputation globally. He added that northern region of Pakistan accounts for more than 60 percent of the country’s exports, while Punjab has major industries like textiles, pharmaceuticals, and IT.
LCCI President Faheem-ur-Rehman Saigol said that Pakistan’s biggest need right now is a major increase in exports, and the Lahore Chamber has always provided effective input in this area. He said Pakistan must diversify both its markets and products. He added that Pakistani goods should be promoted with the right strategy in global markets, especially ASEAN and African countries where there are huge opportunities. He also highlighted potential in sectors like minerals, tourism, medical tourism, and other emerging areas.
He said the pharmaceutical sector has shown 34 percent growth in the first quarter, which is very encouraging. However, he noted that a 1.8 percent cess has been imposed on the export industry and it has been removed from the final tax regime, which has increased the cost of doing business. He said that exporters around the world are given subsidies, easy financing, and incentives, while Pakistani exporters lack a level playing field.
The TDAP Chief Executive said that Pakistan must innovate in its products and markets. He said the government is now prioritizing engineering, IT, pharmaceuticals, and value-added agriculture. The engineering sector is receiving large orders from the US, Europe, Africa, and the Gulf. The pharmaceutical sector has also achieved significant progress, with seven Pakistani companies now registered in the EU and US.
He added that sports goods, surgical instruments, carpets, and housewares sectors are also being revived. TDAP has promoted Pakistani products through “Made in Pakistan” exhibitions in Africa, the Gulf, and other regions.
Regarding agricultural and food exports, he said Pakistan has maintained 7.5 billion dollars in exports through value addition. The participation of 850 foreign buyers in food and agriculture exhibitions shows major improvement in Pakistan’s packaging, processing, and quality. He said seafood exports are moving from low-value to high-value products. Meat exports are currently 500 million dollars but can reach two billion dollars with better certification and protocols, especially in countries like Malaysia.
The LCCI President expressed concern that Pakistan has not been able to fully benefit from the US trade tariff facilities. He said strong government-led trade delegations should be sent worldwide to effectively promote Pakistan’s value-added products. He added that high interest rates and expensive electricity are making it difficult for industries to operate. Pakistan must focus on value addition and high-value sectors like processed meat.
Saigol said that Pakistan’s youth is the country’s biggest strength. If the youth are trained with international-level skills and sent abroad, it will not only create employment opportunities for them but also increase foreign remittances for the country.
The TDAP CEO said that increasing exports requires joint efforts from the whole nation and all institutions. He said the government has removed the EDS tax, reduced energy prices, and introduced ease-of-doing-business measures.
Pakistan has avoided default and is now moving towards stability, but more reforms, value addition, and skill development are still needed. The government’s target is to prepare 500 companies in the next five years, each capable of exporting one billion dollars. He assured that TDAP, the government, and all institutions will continue working with the business community to increase Pakistan’s exports.