Exports diversification urged

KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has underlined the need to diversify exports, as the country’s exports are concentrated more than 75 percent on traditional items, textiles, carpets, leather, rice and sports goods, a statement said on Saturday.

“There’s a need to shift in the composition of exports towards promotion of high and medium technology products whose participation in the global trade is increasing,” FPCCI President Mian Anjum Nisar said.

Commenting on the low volume of exports, he said one of the reasons was concentration and dependence of Pakistan’s exports on traditional items and limited markets.

“Products included in Pakistan’s export basket are facing stiff competition from regional countries due to the low cost of doing business along with huge facilities for exports extended by the competitor governments.”

He urged the government to facilitate exports of non-traditional items such as pharmaceutical, electronics, chemicals and other engineering goods.

Pakistan should learn from the experience of the Asian economies such as Japan, Taiwan, Hong Kong and South Korea, as these countries promoted their exports through development of small and medium industries, he added.