Lahore Chamber Presents Exports Roadmap To Prime Minister
Sumaira FH 5 days ago Wed 15th January 2020 | 10:07 PM
Lahore Chamber of Commerce & Industry (LCCI) has presented a roadmap to Prime Minister Imran Khan for enhancing exports of the country
Compiled after comprehensive deliberations, the LCCI roadmap for enhancing exports of Pakistan highlighted potential of various sectors of economy and has a vast range of proposals to give boost to country's overall exports volume and help achieve the target of export-led growth, he disclosed.
He added that Prime Minister Imran Khan valued the LCCI plan and its supportive measure aimed at economic sustainability of the country by saying that role of business community was important as it created economic activities. Prime Minister said that government was committed to facilitate business community and taking various measures to create an environment conducive for businesses, he added. The LCCI spokesman quoted the PM as saying, "It is our need that business community flourishes in the country by making profit and creating wealth as a nation cannot prosper without wealth creation." He said that 2020 would be the year of progress and prosperity and government was taking long, mid and short-term measures to bring the economy on right track.
On this occasion, LCCI President Irfan Iqbal Sheikh said that export sector had a paramount importance in Pakistan's economy as it was the main source of revenue generation and employment creation. "Exports are also important for maintaining the balance of payment of the country however our export growth has since many years been appalling when compared with other regional economies. This can be well-illustrated by export comparison of Pakistan and Turkey in 1980s when exports of both countries were comparable. The situation is now quite converse in recent times, with Turkey having exports of around US $ 167 billion in 2018, while Pakistan's exports are stagnant around US $ 24 billion. Turkey's exports are hence more than six times of Pakistan's exports which are only 0.12 per cent of world exports as our country ranks 68th in global exports." Irfan Iqbal Sheikh said that inability of Pakistan exports to tap some of the most dynamic world markets along with high concentration in a few products and low technological level means that Pakistan's growth rate of exports remained considerably below than that of other economies.
As Pakistan poised to become a competitive economy in the region and grow above seven per cent, he suggested, it was imperative to enhance export revenues to deal with multi-dimensional economic challenges being faced by Pakistan.