LAHORE – Federal Minister for National Food Security and Research Rana Tanveer Hussain on Friday stressed the urgent need to enhance Pakistan’s exports, warning that the country was falling behind its regional competitors.
“Our exporters lack the necessary drive. Countries like China, Indonesia and Malaysia have moved far ahead. Many of our traders now say that their children are working abroad, so the current level of exports is considered sufficient,” said Rana Tanveer Hussain while addressing a sitting at Lahore Chambers of Commerce and Industry (LCC() in Lahore.
LCCI President Faheemur Rehman Saigol and other leaders warmly welcomed the federal minister upon his arrival at the office.
He highlighted challenges such as high production costs and heavy taxation, which have increased manufacturing expenses. “Textile sectors are repeatedly given incentive packages, yet they fail to boost exports. Packages worth up to Rs50 billion were provided, but production did not increase,” he added.
Rana Tanveer Hussain emphasized that increasing exports is crucial to reducing the current account deficit. “The stock exchange may be rising, but foreign reserves are not. There was a time when countries like China and Malaysia sought our help, but internal political instability, including frequent assembly dissolutions, has hindered progress,” he said.
He also cited India’s economic growth, noting, “India adopted policies similar to those of Nawaz Sharif and has advanced rapidly. The Governor of the State Bank reduced interest rates on the Prime Minister’s instructions, and in one and a half years, rates are expected to fall to single digits.”
Reflecting on currency devaluation, he remarked, “When I studied, the dollar was Rs4; today it is Rs280. We have immense potential, which must be effectively utilized. I hope this potential will be harnessed properly this time.”
He outlined recent policy measures: “Taxes on export cotton have been reduced and will be lowered further. Overseas Pakistanis are contributing to our economy. We cannot rely solely on remittances; increasing exports is essential to strengthen the economy. Other regional countries have already surpassed us in exports.”
“Food security is now linked to national security. I am working to increase exports of edible oil and other commodities. Pakistan will export 300,000 tons of rice to Iran, which previously imported from India. At the diplomatic level, Pakistan has achieved major\ successes, thanks to the dedicated efforts of the Prime Minister and the Field Marshal,” he added.
