AVN Report
ISLAMABAD: The government is facilitating the functioning of the country’s industries at full capacity, with an ambitious target to elevate the country’s exports to $36 billion.
Dr Gohar Ejaz, the Federal Minister for Commerce and Industries, said this while addressing the Margalla Dialogue session on “Economic Frontiers and Entrepreneurial Vision,” stressing the need for Pakistan to increase regional trade for economic development.
Discussing the current economic scenario, Dr Ejaz said remittances being sent to the country stand at $22 billion, and exports at $27 billion. He stressed the urgency of focusing on exports, emphasising the government’s commitment to boosting productivity to achieve the targeted export figure.
The minister expressed concern over the $20 billion annual current account deficit, describing it as a significant challenge resulting from past policies.
Expressing regret, Dr Ejaz remarked that Pakistan should have reached around $100 billion in exports by now, considering the global trade volume of $800 billion. He pointed out that neighboring countries like India and Bangladesh surpassed Pakistan due to their effective policies and investment in industrial infrastructure.
The minister acknowledged a historical reluctance toward industrialisation, citing a current stock capital and export value of less than $27 billion. He noted that textile exports are below $3 billion, urging a shift towards creating brands and fostering belief in domestic consumption to stimulate growth.
Dr Ejaz suggested diversification into gemstones and minerals, citing Pakistan’s untapped potential in these areas. Expressing concern over the absence of billion-dollar companies domestically, he attributed it to a lack of support for their growth and prosperity.
He discussed the shortage of dollars upon assuming his ministry, attributing it to external factors that exploited weaknesses in our policies. Additionally, he voiced concern over the inexplicable 22 percent interest rate, saying it won’t foster genuine economic growth.
He also addressed the Afghan Transit Trade, terming it a trap that negatively impacted the economy. Commending the crackdown on illicit trade along the western borders, he highlighted its positive impact in preventing a $6 billion loss.
