Pakistan has an export potential of $150 billion: President ICCI

On Sunday, Sardar Yasir Ilias Khan of the Chambers of Commerce and Industry of Islamabad (ICCI) claimed Pakistan has a total exportation potential of US$150 billion by increasing the country's exports on prospective worldwide markets by focusing on industrial competitiveness.

"Industrial competitiveness and creative technologies might lead to the $150 billion aim of domestic exportation, the promotion of regional commerce, and the hunt for new markets utilised for exports," he stated.

President ICCI, as reported by the Nation, underlined the necessity to focus on a wide variety of important sectors to attain this ambitious objective.

'To achieve the country's economic growth and prosperity goals, we need to focus more on productive sectors, including agriculture, tourism, textile goods and information technology,' he added.

He noted that, with additional value, the agribusiness may, in particular, be increased to $100 billion of its total export potential.

He highlighted that Pakistan generally had to compete with other global and regional actors in industrial competitiveness.

"We must improve local products' quality and support local industry with competitive energy costs," he added.

In response to a query on regional trade and economic integration with regional nations, Pakistan missed out on the total PKR trade potential of 70 billion in the area, including Afghanistan, India and Central Asian States (CARs).

He also recognised the government's transhipment policy to increase transit commerce with the regional nations, including Afghanistan, Uzbekistan and other Central Asian countries.

The key factors of connection and greater links to regional nations were commerce and economic integration. He added, which also promoted the area as a global trading participant like the EU.

He further stated that Pakistan has enormous potential to increase commerce with African nations in textile items valued at 15 billion dollars and $9 billion in the pharmaceutical industry and more IT goods potential.

Yasir Ilyas stated that Chinese industry transfer will play a crucial role in Pakistan's industrial development and informed that the ICCI had plans and suggested that the government should establish an industrial state in the capital to provide local and foreign investors with a favourable business environment to contribute to the country's industrial growth.

President ICCI remarked that the government could fulfil the objectives of the present economic strategy via efficiency, transparency, accountability and coordination with the business sector.

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