Lahore Chamber of Commerce & Industry (LCCI) President Faheem Ur Rehman Saigol has said that economic diplomacy could play a key role in improving access of Pakistan’s products to the international market.
Speaking at a dinner reception, he acknowledged diplomats as the true face of Pakistan in promoting trade linkages and private-sector cooperation.
Honorary consuls representing various friendly nations, including Portugal, Australia, Bosnia & Herzegovina, China, Greece, Hungary, Kenya, Kosovo, Malta, Mauritius, Spain, Tunisia, Uzbekistan, Kyrgyz Republic, Kazakhstan, Mexico and Russia, attended the reception.
Faheem Ur Rehman Saigol urged diversifying exports and accessing new markets, noting that the government has prioritised high-potential sectors including agriculture, information technology, tourism, and mining.
With nearly 65 per cent of the population below the age of 30, Pakistan holds a strong competitive advantage in human resources that can be strengthened through skill development and utilisation in global value chains.
He raised concerns over the rising trade deficit, which has reached $9.37 billion in the first half of the current fiscal year, showing a 34 per cent increase compared to the previous year. He urged introducing new products, expanding market outreach, and developing rare earth minerals to improve Pakistan’s export performance.
Vice President SAARC Chamber of Commerce and Former LCCI President, Mian Anjum Nisar, said that enhancing bilateral trade, tourism, and technical cooperation is essential for Pakistan’s economic development.
He said that companies are moving out of Pakistan, and the government must understand the realities and improve the investment climate.
“We must keep pace with the world. The exchange of information and technology is crucial to lay a stronger foundation for the national economy”, he said.
The Honorary Consul of Portugal, Iftikhar Firoz, said that Pakistan enjoys a favourable trade balance with the European Union, with exports standing at around $11 billion compared to $3.9 billion dollars imports. He stressed that, despite the EU’s GSP Plus status for Pakistan being renewed, there is still significant room to increase Pakistan’s export share in European markets.
He highlighted the need to diversify Pakistan’s export portfolio beyond textiles and called for a stronger focus on labour-intensive industries such as footwear, leather, and sports goods to generate more employment.
He said that Pakistan should learn from Bangladesh’s successful garment sector and also enhance output in promising sectors like information technology.
