AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Lahore: Pakistan’s economy is seeing a phase of consistent improvement, according to Federal Minister for Commerce Jam Kamal Khan. Speaking at the Lahore Chamber of Commerce and Industry, Khan attributed this progress to recent structural reforms and international acknowledgment of the country’s economic measures. The Commerce Minister emphasized the role of the business community in this recovery, citing their unwavering support during challenging times.
Khan noted that significant economic challenges were faced until recently, but over the past 18 months, noticeable improvements have been seen. Global institutions, including the International Monetary Fund, have recognized Pakistan’s economic reforms and recovery efforts. He highlighted the participation of foreign delegates in events such as the HEMS Expo and Mineral Expo as indicators of growing international confidence in Pakistan.
The Minister credited Prime Minister Shehbaz Sharif for his personal involvement in resolving key issues, and praised the business community’s collaborative approach. He mentioned that the Export Finance Scheme is being tailored for the business sector, with reforms shaped through stakeholder consultation. Khan also noted the restructuring of the Export Development Fund and improvements in the Trade Development Authority of Pakistan.
LCCI President Mian Abuzar Shad welcomed the government’s efforts but pointed out ongoing challenges. He revealed a trade deficit of $17.9 billion during the first nine months of the current fiscal year, which is higher than the previous year. Shad stressed that resolving issues in the industrial sector is crucial for increasing exports.
He highlighted several pressing issues, including the devaluation of the rupee and high energy tariffs, which have increased business costs. Shad emphasized the need for cheaper electricity and gas, single-digit financing rates, and an improved tariff structure to boost exports and attract investment.
Shad also pointed out that 68 percent of Pakistan’s exports are limited to textile, leather, and rice, while there is potential in sectors like halal food and pharmaceuticals. He urged the Ministry of Commerce to prepare market intelligence reports and share them with chambers of commerce. He noted that lower tariff rates on Pakistani goods present an opportunity to expand exports to the US market.
SAARC Chamber Vice President Mian Anjum Nisar said that global tariff wars offer an opportunity for Pakistan’s exporters. He urged policymakers to implement measures to reduce operational costs and enhance competitiveness in the global market.
Former LCCI President Muhammad Ali Mian emphasized the importance of data sharing for better trade strategies. He also called for simplifying documentation requirements to reduce hurdles for exporters. Former Senior Vice President Ali Hussam Asghar stressed the need for joint ventures to promote technology transfer and market access.
Overall, the meeting at the Lahore Chamber highlighted both the progress and challenges facing Pakistan’s economy and the need for continued efforts to enhance the country’s global trade standing.