Pakistan's Industrial Advisory Council Charts Ambitious Course Toward $100 Billion Exports
© Pakistan's Ministry of Commerce
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The meeting, attended by key industry stakeholders, government officials and experts, underscored the urgency and significance of revitalizing Pakistan's industrial landscape.
In a pivotal session on Thursday, the Pakistan Industrial Advisory Council (IAC) gathered to deliberate on a comprehensive strategic roadmap with a bold aim – propelling the nation's exports to a remarkable $100 billion.
The meeting was held under the leadership of Dr Gohar Ejaz, the Federal Minister for Industries and Production and was attended by Pakistan's top industry stakeholders, government officials and industrialists.
The discussions kicked off with a thorough analysis of the current economic climate, both domestically and globally. Members of the IAC acknowledged the challenges posed by the ongoing geopolitical shifts, the impact of the COVID-19 pandemic, and the need for adaptive strategies to navigate these complexities.
What Does Pakistan Export?
A central theme of the deliberations was the identification of key sectors poised for growth and innovation. The council engaged in detailed discussions on leveraging Pakistan's strengths, including its skilled labor force, natural resources, and emerging technologies.
Industrial Advisory Council meeting in Islamabad, Pakistan
© Pakistan's Ministry of Commerce
The major exports of Pakistan include textiles, leather and sports goods, chemicals, carpets, and surgical instruments. Apart from these items, the South Asian nation also exports significant quantities of rice, sugar, cotton, fish, fruits, and vegetables.
Although Pakistan exports its goods to more than a hundred countries globally, the largest export partner in 2022-23 remains to be China.
Hence, in order to enhance these exports even further the Industrial Advisory Council leaders are placing emphasis on improving the sectors such as information technology, pharmaceuticals, textiles, and agriculture, which were deemed pivotal in achieving the ambitious export target.
Pakistani worker examines fabric at a textile factory
© AP Photo / Anjum Naveed
The discussion delved into the role of research and development, highlighting the importance of fostering innovation to enhance the competitiveness of Pakistani industries. It also explored collaborative initiatives with academic institutions and research centers to drive technological advancements, ensuring a sustainable and forward-looking industrial sector.
Sputnik India discussed the council's plans with a former defense attache and geopolitical analyst, Khalid Mahmood, who said that one of the key takeaways from the meeting was the consensus on the necessity of infrastructure development.
"Members of the council acknowledged that a robust infrastructure is crucial for efficient production, transportation, and connectivity, all of which are vital components for a thriving export-oriented economy," the analyst said.
Hence, various plans were discussed for targeted investments in transportation networks, energy infrastructure, and technology hubs.
Challenges That The IAC Faces
Addressing the challenge of regulatory hurdles, the IAC underscored the need for a business-friendly environment. The council proposed a review of existing policies, streamlining bureaucratic processes, and implementing measures to attract foreign direct investment.
"One of the most important reforms should be expediting bureaucratic processes and reducing red tape to boost Pakistan’s exports. There is a need to simplify judicial procedures, and reduce the prolonged delays where cases can linger for 10 to 20 years. So there is a need for establishing commercial courts to quickly resolve any business and economy-related cases, providing efficient legal action to create stability and attract investment," the analyst told Sputnik.
Additionally, the IAC centered focus on trade agreements and partnerships that could open new avenues for Pakistani products in international markets.
Uzbekistan's President Shavkat Mirziyoyev, right, and Pakistan's interim Prime Minister Anwaar-ul-Haq Kakar
© AP Photo / Uzbekistan's President Press Office via AP
Another challenge that was brought to attention was requirement for industrial growth through fiscal and tax incentives, access to credit and large investment in research and development (R&D), and into innovation and invention.
Definitive Task Forces to Achieve Targets
The Industrial Advisory Council (IAC) formulated plans to establish task forces assigned to develop actionable roadmaps for each identified sector. These task forces will work closely with industry leaders, government agencies, and relevant stakeholders to implement the proposed strategies.
"The IAC expressed confidence that this collaborative approach would not only stimulate economic growth, but also position Pakistan as a global player in various industries. It is a big step forward and hopefully it will be implemented in full," Khalid stated.
As Pakistan sets its sights on the ambitious $100 billion export target, the plans of the Industrial Advisory Council serve as a beacon of hope, demonstrating a commitment to charting a course that transforms challenges into opportunities, laying the foundation for a more resilient and prosperous industrial landscape.
