Private Sector Urged To Improve Products Competitiveness For Maximizing Exports

Private sector urged to improve products competitiveness for maximizing exports

Minister for Commerce Muhammad Pervaiz Malik Friday urged the private sector to focus on improving competitiveness and quality of products to enhance Pakistan's exports.

ISLAMABAD, (UrduPoint / Pakistan Point News - 25th May, 2018 ) :Minister for Commerce Muhammad Pervaiz Malik Friday urged the private sector to focus on improving competitiveness and quality of products to enhance Pakistan's exports. "To make Pakistan a strong economy, rapid increase in exports is vital," he said while addressing local business community after inaugurating International Trade and Research Centre here at Islamabad Chamber of Commerce and Industry (ICCI).

He said though Pakistan's exports were now improving, but the country was still facing exports deficit of $3 billion every month as compared to imports. He said the private sector should change its strategy and focus on value added products that would give significant boost to exports.

He said the government was revising Free Trade Agreements with other countries including China to further improve Pakistan's trade with foreign countries. Pervaiz Malik said the cost of production in Pakistan was high and the government was making efforts to bring down electricity cost in order to reduce production cost so that business activities and exports could flourish.

He said the Strategic Trade Policy Framework (STPF) 2015-18 was ending on June 30 this year and added that strengthening trade related institutions and facilitating trade promotion would be the key focus in the next five years STPF.

He said chambers of commerce were partners with the government in promoting trade and exports and assured that government would take steps to further facilitate the business community.

He congratulated ICCI for establishing International Trade and Research Centre and hoped that it would be beneficial for the economy and the business community. In his welcome address, President ICCI Sheikh Amir Waheed said the business community was making strong efforts to promote Pakistan's trade and exports and stressed that the government should fully support them in such pursuits.

Highlighting the objectives of International Trade and Research Centre, he said four new cells have been setup under this centre. He said International Trade Development Cell would facilitate the business community in promoting foreign trade.

China Pakistan Economic Corridor (CPEC) Facilitation Cell would facilitate prospective investors in making investments and joint ventures in various CPEC projects. Training and Capacity Building Cell would help the business community in promoting business through providing them trainings and building their capacity.

Similarly, Women Business Growth Cell would facilitate the women startups and existing women entrepreneurs in better growth of businesses. Senior Vice President Muhammad Naveed Malik and Vice President ICCI Nisar Mirza thanked the Federal Minister for Commerce for inaugurating International Trade and Research Center and hoped that this new department would facilitate in promoting trade and providing better services to members.