APBF asks new govt to adopt holistic approach for economic growth

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APBF asks new govt to adopt holistic approach for economic growth

(APBF Aug 19th, 2017) – LAHORE : As the prime minister and his new cabinet have taken the charge the All Pakistan Business Forum president Ibrahim Qureshi has congratulated them, asking the new government to adopt a holistic approach aimed at developing both the agricultural and industrial sectors in order to increase exports of the country.

He said that Pakistan has an untapped export potential of $13 billion, as there is potential in home textile products, apparels, leather products and cereals to double the exports within a year.

Ibrahim Qureshi said that there is a need to devise a comprehensive strategy to promote the industry on commercial basis which will not only support the manufactures but also increase our export. He said good working environment will enhance the capacity of our workers enabling them to compete internationally.

He hoped that new cabinet will pursue radical economic reforms through a long-term stable administration.

The ministry of commerce should explore potential international markets to enhance exports. It should work to search new trade avenues and markets in different world regions, as the new trade policy was focused on improving supply chain, enhancing use of technology and providing competitiveness in a bid to enhance volume of international and internal trade.

He demanded the government to offer special package of power and gas tariffs for rapid industrial growth on the pattern of China. As a result of high tariffs and taxation, cost of production is increasing and cannot compete in global market thus badly hampering export substantially.

Moreover, it is essential to have an agricultural policy that increases the supply of raw material to agro-based industries, both domestic and foreign, such that it can help domestic textile producers regain lost competitiveness in the world market.

Furthermore, there is a need to diversify the range of value-added traditional industrial goods, such as consumer textile and leather products, as well as of non-traditional industrial goods.

The government should have to work on a plan to diversify internal trade and improve supply chains, which would ultimately enhance the exports. As the negotiations were underway for free trade agreements (FTAs) with Turkey, Thailand and Iran, they should be finalized as early as possible in the interest of Pakistan.

The government should also try to reach FTAs with the Latin American countries on the same pattern, he added.

He said the South American markets had great potential and by taking timely measures, Pakistan could tap them. Argentina, Brazil, Colombia and Cuba had huge import potential, he added.