ISLAMABAD: Pakistan’s exports to the US increased 29 percent to $4.1 billion in the first 10 months of the current fiscal year, commerce adviser said on Tuesday.
Adviser to Prime Minister for Commerce and Investment Razak Dawood said the US continues to be an important market for Pakistan.
“Our exports to the US during Jul-Apr 2021 have increased by 29 percent to $4,092 million as compared to $3,173 million in Jul-Apr 2020,” Dawood wrote on Twitter.
“This is a substantial increase of $918 million and credit goes to our exporters for making this possible under difficult global conditions,” he said.
Europe is still the biggest export destination for Pakistan. The country exported $519 million of goods and services to Eastern Europe, $1.98 billion to Northern Europe, $1.4 billion to Southern Europe, and $2.81 billion to Western Europe in the July-March period, according to the central bank’s latest data.
“I appreciate the efforts made by ministry of commerce’s trade and investment officers and urge them to provide maximum facilitation to our exporters and investors,” said Dawood.
The United States recently assured support to Pakistan’s economy amid the unrelenting coronavirus challenges and expressed satisfaction over the government’s focus on geo-economics.
In a meeting with Finance Minister Shaukat Tarin, US Charge d’ Affaires Angela Aggeler assured him of full support of the US government and its people to the government of Pakistan during ongoing COVID-19 pandemic.
Aggeler appreciated the Prime Minister’s focus on geo-economics. “Economic growth drives everything else,” a statement then quoted her as saying. “A number of US companies are looking for business and economic opportunities in Pakistan.”
Number of US companies top the list of foreign businesses operational in Pakistan, according to the Overseas Chamber of Commerce and Industry.
After showing surge last fiscal year, foreign direct investment started to decline in Pakistan as businesses and investors were playing cautiously to ride on the waves triggered by the pandemic.
With annual foreign direct investment inflows of less than $3 billion, Pakistan lags far behind the potential of exploring the country’s enormous human capital. Foreign direct investment accounts for one percent of its GDP.
The downtrend was further accelerated by the world-changing impact of the coronavirus COVID-19.
Bilateral relations between the two countries have further strengthened due to people-to-people ties, economic and business linkages as well as common interests in promoting peace and stability in the region
With 220 million consumer market, growing middle class and a young population, Pakistan offers immense opportunities for the US enterprises to invest in sectors such as information technology, agriculture, energy and tourism. Strong bilateral relations would, in turn, facilitate closer economic cooperation between the two countries.
Pakistan economy will return to growth in fiscal year 2020-21, gaining a modest 1.5 percent and accelerate to 4.4 per cent in 2022, according to ratings agency Moody’s. The government and central bank responses and reforms will partially soften the pandemic's impact and help revive the economy. The government and the central bank project growth at 3 percent.
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