Innovation, Diversification Key To Promote Country's Trade: Speakers
Umer Jamshaid 4 days ago Wed 17th April 2019 | 07:55 PM
The speakers at a daylong trade conference Wednesday underlined the need for adopting innovative methods and diversifying trade products to compete the international market
Pakistan direly needed to develop its capital market and promote free trade with world and consequently this would lead to sustainable economic growth, they said while speaking at 2nd National Open Trade Conference titled "Achieving Prosperity Through Open Trade Policies" organized by Policy Research Institute of market Economy (PRIME).
He said that trade conference was a timely initiative of the institute, particularly at a time when the country was facing different challenges on economic front.
"We need to realize the importance of free and role of innovations in promoting country's exports." he said.
On the occasion, Chief Executives Officer (CEO) Institute for Democracy and Economic Affairs, Malaysia Ali Salman stated that good trade policy not only attracts investment but also promotes industrial development.
He further said, no country in the world had ever ruined by opening its trade.
"We need to maintain an open trade regime for our own industrial development," he added. Concluding the conference, Chairman ,PRIME Institute ,Dr Manzoor Ahmad urged the need for devising fresh trade policies instead of repeating the old once.
"We should aim at increasing participation in the global value chains, and remove impediments in this way" he said.
On the occasion, Joint Executive Director of PRIME, Zia Banday Director, Pakistan Institute of Development Economics (PIDE) Dr. Ghulam Samad also spoke on the occasion and said that there was need to learn from the experiences of China to develop trade and economy.
They said that Pakistan need to work on macroeconomic corridor for industrial growth, Special Economic Zones (SEZs) framework, economic development framework, and Industrial development also encouraged on the lines of China Pakistan Economic Corridor (CPEC).
These countries opened their economies and integrated with others in the region as well as rest of the world, Shaiyanne said.