Monday, September 25, 2023

Pakistan exports to reach $50 billion in FY 2023: Razzaq Dawood

Razzaq Dawood, Adviser for Commerce and Investment, expressed hope on Sunday that the Pakistan exports would exceed $50 billion as a result of trade diversification policy in prospective trade sectors by the end of the current government’s fiscal year – 2023.

A combination of export diversification, non-traditional industries, and increased exports to new markets, particularly the African market, would increase the country’s exports and assist the country in meeting its export objective.

The government’s top priority trade strategy is ‘Make in Pakistan,’ which aims to bring Pakistan’s conventional and non-traditional export industries and local goods to the world trade market.

According to the adviser, the government would export consumer durables such as mobile phones and motorbikes under the same trade policy, and the export of these two goods to the global market will usher in an age of engineering product exports.

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Dawood stated that the country’s share of engineering products exports in the global trade market is presently 51% and that the government is now aiming to make a reputation for itself in non-traditional areas such as engineering and pharmaceuticals.

He stated that a Karachi-based electrical and electronics goods firm called ‘INOVI Telecom’ has just exported the first shipment of 5,500 “Made in Pakistan” 4G mobile phones to the Middle East.

He stated that Pakistan will begin exporting up to 10,000 motorbikes, up to 30,000,000 motorcycles yearly in the following years.

He stated that the Japanese business ‘Honda’ has chosen to establish its own manufacturing factory in Pakistan, making the country a motorbike manufacturing powerhouse.

In the next years, they plan to begin exporting bikes worth $30 million from Pakistan.

In response to a query, he stated that Pakistan’s exports exceeded $25 billion in the fiscal year 2020-21 and that the government has set an export goal of $38.7 to $40 billion for the ongoing fiscal year 2021-22.

He stated that the previous year’s export objective was $25.3 billion for goods and $6 billion for services.

He stated that the country’s information technology (IT) exports had increased by 47%, indicating that IT exports had surpassed the $ 2 billion thresholds.

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