‘Private sector should improve products competitiveness’

ISLAMABAD: Private sector should focus on improving competitiveness and quality of products to enhance Pakistan’s exports, a government official said on Friday.

"To make Pakistan a strong economy, rapid increase in exports is vital," Commerce Minister Muhammad Pervaiz Malik said, while addressing local business community after inaugurating the International Trade and Research Centre at the Islamabad Chamber of Commerce and Industry.

The minister said though Pakistan’s exports are now improving, but the country is still facing exports deficit of $3 billion every month as compared to imports.

The private sector should change its strategy and focus on value-added products that would give significant boost to exports, he said, adding that the government is revising free trade agreements with other countries, including China to further improve Pakistan’s trade with foreign countries.

Malik said that the cost of production in Pakistan is high and the government is making efforts to bring down electricity cost in order to reduce production cost so that business activities and exports could flourish.

The Strategic Trade Policy Framework (STPF) 2015/18 is ending on June 30 this year, he said, adding that strengthening trade-related institutions and facilitating trade promotion would be the key focus in the next five years STPF.

Chambers of commerce are partners with the government in promoting trade and exports, he said and assured the government would take steps to further facilitate the business community.

He congratulated the ICCI for establishing International Trade and Research Centre and expressed the hope that it would be beneficial for the economy and the business community.

In his address of welcome, ICCI President Sheikh Amir Waheed said that the businessmen are making concrete efforts to promote Pakistan’s trade and exports and stressed the government should fully support them in such pursuits.

Highlighting the objectives of the International Trade and Research Centre, he said, four new cells have been setup under this centre.