KARACHI: Federal Commerce Minister Jam Kamal acknowledged on Saturday that the country’s exports are facing significant challenges due to the high costs of electricity and gas, among other issues.
Speaking to the media on the second day of the FoodAG 2024 exhibition, organized by the Trade Development Authority at the Expo Centre in Karachi, Jam Kamal Khan noted that the high cost of electricity is impacting trade and industry. While the issue is being addressed, he emphasized that solutions cannot be implemented overnight.
Jam Kamal Khan praised the exhibition for successfully bringing together business professionals, traders, and manufacturers from both Pakistan and abroad. He highlighted that approximately 800 delegates and 350 Pakistani companies participated, with around 450 stalls displaying products from local small businesses. He described this as a significant achievement for Pakistan, with participation from 75 countries underscoring global confidence in the Pakistani trade sector.
He said, “Agriculture, the backbone of our country, still holds vast untapped potential. This event has catered to small and medium business owners from remote areas, from Musakhel to Panjgur. This agro-food festival not only aims to enhance Pakistan’s trade capacity but also to enable individuals to achieve financial independence through home-based or small businesses, contributing significantly to the country’s overall growth.” “Trade is essential to our country’s economy, and this three-day event has demonstrated Pakistan’s substantial potential for value addition.” He commended the exhibition for fostering connections between foreign delegates, media, and regulators from 55 countries with Pakistani exporters, generating valuable ideas and long-term partnerships to transform the global food sector. Minister Kamal also highlighted the presence of world-renowned chefs at the event, noting that their interest in Pakistani cuisine reflects the growing global recognition of our food and agriculture sector. This interest is expected to boost international demand for Pakistani food products and cuisine. In response to questions about trade deficits and foreign investor confidence, the minister pointed out that the large-scale participation of business delegates at this prominent event reflects a renewed trust in Pakistani companies. This counters the trust deficits from previous years related to security and political stability.
He also added that Pakistan has seen a significant increase in exports for the financial year 2023-24, thanks to the collaborative efforts of the government and the business community. Despite ongoing challenges, the Ministry of Commerce and TDAP have managed to raise the trade market from $5 billion to $8.5 billion. He added, “Pakistani traders have the potential not only to expand but also to explore new trade opportunities. TDAP and our traders have worked diligently to ensure that this potential is realized. Trade is heavily reliant on growers and involves a complex network of dealings facilitated by the Ministry of Commerce.” Expressing his satisfaction with the event’s success, he noted that $107 million worth of MOUs had already been realized, with $434 million in MOUs signed on the first day. He said that this positive response shows that trade and commerce in Pakistan are thriving, contrary to the general perception of mistrust.