Efforts sought to increase Pakistan’s share in $3.2tn halal market

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Pakistan Businesses Forum (PBF) has sought serious efforts at the government and private sector levels to get the country’s due share in halal international market.

In a statement, PBF Vice President Ahmad Jawad said that despite being a Muslim country, Pakistan’s share in the global halal trade is mere 0.26 percent which can be increased by upgrading halal certification and provision of halal storage facilities. The global halal market has been projected to $3.2 trillion by fiscal year 2024 which needs to be tapped through timely, comprehensive and practical strategy, he said.

He regretted that unfortunately not a single Muslim country falls in the list of top 5 global exporters of the halal products. In this regard, the country’s industrial sector will have to be brought in line with the global competitive trading trends to increase production and exports especially in halal market.

“Our major export sector needs to increase production of commercial goods in line with global competitive markets and this is only possible through use of the latest technology, innovation and research and development,” he said.

He said that without strengthening trade ties with emerging global and regional markets including Russia, Central Asian Republics (CARs), Africa, Turkey and South East Asian Nations (ASEAN), and improving regional trade integration, the country’s economy will not improve.

He said the acquisition of new potential markets for trade diversification, through modern tools, is essential to increase the country’s exports. He said that by focusing on sectors including textile value-addition, information technology and halal foods exports, alternative energy, housing, tourism, agriculture, gems and jewellery and research and development, the country’s exports could go beyond their potential. No doubt, it would touch the figure of $100 billion. At present, 65 percent of Pakistan trade is with only 10 countries.

He also mentioned that at present, getting good seeds and setting up crop patterns in agriculture is a big challenge to Pakistan, maize and sugarcane are now replacing cotton, which has affected the major cotton production. He said the country’s market potential in the gems and jewellery sector has a potential of $30 billion but it needs better incentives and facilities to reap its potential.—TLTP

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