LAHORE
The All Pakistan Business Forum (APBF) has welcomed the government’s strategy to achieve sustainable economic growth through export diversification and expansion into new international markets, describing the target of raising Pakistan’s exports to $100 billion by 2035 as an ambitious but achievable objective that can help place the economy on a sustainable and durable growth path.
The business forum said the government’s focus on transforming Pakistan’s leading export clusters into globally competitive sectors, while promoting non-traditional industries such as engineering, light engineering, chemicals and advanced manufacturing, was a positive step towards broadening the country’s export base and reducing dependence on a limited number of traditional products.
The APBF leadership appreciated the government’s decision to work with industry and the central bank to transform the country’s top 20 export clusters into globally competitive sectors.
APBF President Syed Maaz Mahmood said the government’s emphasis on export-led growth was encouraging and reflected a growing recognition that sustainable economic expansion must be supported by higher exports, increased industrial productivity and greater participation in global value chains. He said Pakistan had enormous potential to increase its share in international markets, but achieving this objective would require consistent policies, improved competitiveness, greater value addition and close coordination between the government, State Bank of Pakistan and the private sector.
It said the initiative could provide a strong foundation for increasing production capacity, attracting investment, generating employment and strengthening the country’s foreign exchange position.
The forum said the proposed focus on non-traditional sectors was particularly important, as Pakistan needed to move beyond its traditional export structure and develop new engines of growth. Engineering, light engineering, chemicals, advanced manufacturing, information technology, pharmaceuticals, processed food and other value-added industries could play a major role in diversifying exports and increasing foreign exchange earnings.
