Razaq hopes country’s exports to reach $50b in FY 2023

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Staff Reporter
Islamabad

Adviser for Commerce and Investment Razzaq Dawood Sunday ex-pressed the hope that by the last fiscal year 2023 of the current government, country’s exports would reach at $50 bil-lion by following the policy of trade diversi-fication in potential trade sectors and mar-kets.

Export diversification, focus on non-traditional sectors and increasing exports to new markets, including the African mar-ket, would not only enhance the volume of the country’s exports, but would also help to achieve the export targets,the adviser told this during an exclusive interview with APP.

‘Make in Pakistan’ is the government’s top priority trade policy, which aimed to introduce Pakistan’s traditional and non-traditional export sectors and local prod-ucts in the international trade market.

The adviser said that now the export of mobile and motorcycle from Pakistan would be started within the same trade policy.

He said the export of these two prod-ucts to the global market would usher an era of exporting engineering products from the country.

He said that at present, the share of engineering goods exports in the global trade market was 51 percent.

He said that Pakistan now wanted to make a name for itself in the world in non-traditional sectors, including engineering and pharmaceuticals.

He informed the recently local Karachi based electrical and electronics goods company ‘INOVI TELECOM (PVT) LIM-ITED has just exported the first consign-ment of 5,500 “Made in Pakistan” 4G mo-bile phones to the ‘Middle East’.

Razak Dawood said that this would be the beginning of an era of high value-added exports from Pakistan.

He said that this also marks the begin-ning of product diversification from our traditional to nontraditional sectors.

“I urge other mobile manufacturers in Pakistan to emulate this example and ag-gressively export their products,” he said.

The adviser said that in the recent past, when the United States, Secretary of States for commerce visited Pakistan, he had identified in his trade facilitation sch eme Generalized System of Prefer-ences (GSP) a number of traditional trade products in which Pakistan had not yet shipped goods to the US trade market.

He added the US, GSP program pro-vides nonreciprocal, duty-free tariff treat-ment to certain products imported to the United States from designated Beneficiary Developing Countries (BDCs).

Most of these items came from Paki-stan’s traditional commercial products, including textiles, which were now being worked on diligently.

“Geographical trade diversification and search for new markets will further in-crease our exports,” he said.

And in this regard, the government wanted to increase exports to Europe and the United States by making its trade goods globally competitive, he added.

Replying to a question, he said that now the manufacturing of motorcycles had been started in Pakistan and with this Pakistan would start exporting up to 10,000 motorcycles which would be in-creased up to export of 30,000,000 motor-cycles annually in the coming years.

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