Economic Diplomacy Key To Boost Pakistan's Exports: LCCI President

Kashif Anwar says Lahore Chamber of Commerce and Industry has consistently made efforts towards economic diplomacy by interacting with foreign diplomats and developing liaisons with the international business community

LAHORE: (UrduPoint/UrduPoint / Pakistan Point News-May 2^nd, 2023) Lahore Chamber of Commerce and Industry President Kashif Anwar on Tuesday emphasized the importance of economic diplomacy and cross-border networking in breaking restrictions on low exports and acquiring affordable technology from other countries to improve the industrial productivity of Pakistan.

Kashif Anwar shared his views during the Golden Ring Economic Forum Series held at the University of Management and Technology on Tuesday.

Other speakers at the event included Chairman Golden Ring Economic Forum (GREF) Lt. Gen. Retired Sikandar Afzal, Hasnain Raza Mirza, President GREFF, Director General University of Management & Technology Abid Sherwani, and experts from various sectors.

Anwar stated that the Lahore Chamber of Commerce and Industry has consistently made efforts towards economic diplomacy by interacting with foreign diplomats and developing liaisons with the international business community. He further emphasized that Pakistan needs to focus on key areas to improve its industrial productivity, and regional economic integration allows for significant trade flows and greater business growth opportunities. He suggested that economic diplomacy should be utilized to review existing PTAs/FTAs and negotiate new trade agreements with countries in the Gold Ring region such as Russia, China, Turkey, Iran, and Central Asia.

Anwar highlighted that these countries are Pakistan's next-door neighbors, and the worth of global trade done by these countries stands at around 6 Trillion dollars, while Pakistan's share is merely 0.8%. He added that these countries import almost 76% of the items exported by Pakistan to other nations of the world. Pakistan must exploit the scope of almost 22 billion Dollars in the Gold Ring region to close the existing gap between total imports and exports.

Anwar also emphasized diversifying Pakistan's export markets to reduce dependence on a few countries.

Anwar stressed that the priority should be given to improving Foreign Direct Investment (FDI). Pakistan must create a favorable environment for foreign investors by improving infrastructure, reducing hurdles, and providing long-term incentives for investment. He suggested that the government should develop special economic zones and export processing zones to attract FDI and incentivize multinational companies to invest in Pakistan. Pakistan's rich cultural heritage and natural beauty have tremendous potential for tourism. The government should promote tourism by developing infrastructure, improving security, and providing incentives for tourism-related businesses.

Anwar stated that regional connectivity requires the attention of policymakers, and the China-Pakistan Economic Corridor (CPEC) is a great blessing, but it appears to have been put on the back burner. Pakistan needs to speed up the work on it to improve its economic ties with not only China but also with other countries in the region. It is high time for Pakistan to improve its transportation and communication infrastructure to facilitate future trade and investment. Anwar suggested appointing ambassadors who have a background in economics or business to promote economic diplomacy at a much wider scale and with greater intensity. The performance evaluation of these ambassadors should also be linked to the positive change occurred in trade figures of Pakistan with the respective countries.

Anwar concluded that pursuing economic diplomacy can create regional economic integration, promote peace and stability, and improve Pakistan's international standing and influence. Ultimately, Pakistan can become a more attractive partner for other countries, which can help advance its foreign policy objectives.