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ICCI for diversification of products, markets to boost exports

ICCI for diversification of products, markets to boost exports

ICCI for diversification of products, markets to boost exports
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ISLAMABAD: The Islamabad Chamber of Commerce and Industry (ICCI) urged the government to focus on diversification of exportable products and markets in order to boost the volume of exports, which would ensure achieving better economic growth of the country and address many economic woes.

ICCI president Muhammad Shakeel Munir said that Pakistan was mostly relying on textiles for exports as this sector was making 60 per cent contribution to the total exports of the country.

However, he urged the government to cooperate with the private sector for diversification of exportable products and markets to improve exports in order to tackle Pakistan’s long-standing economic woes and achieve sustained growth.

He said that many sectors including engineering, IT, pharmaceuticals, Halal food, marble, granite, gems and jewellery and others have good potential to improve Pakistan’s exports and emphasised the need to take solid measures to facilitate these potential sectors to achieve fast growth in exports.

Munir urged the government to focus on emerging markets for exports, including Russia, Central Asian region, Africa, Turkey, South East Asian Nations (ASEAN).

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He said that acquisition of new markets and focus on diversification was very important to take our exports to the higher levels.

It was essential for Pakistan to upgrade its industrial sector for producing value-added products for exports, he added.

However, the withdrawal of tax exemptions through a mini-budget would create more problems for the upgradation of industries, urging that the government should reconsider its decision.

ICCI senior vice president Jamshaid Akhtar Sheikh, vice president Muhammad Faheem Khan said that Pakistan has a lot of potential to increase annual IT exports up to $5 billion from the current level of $2.5 billion.

They urged the government to cooperate with the domestic software houses in setting up their liaison offices in potential markets that would go a long way in improving exports of the IT sector.

They further urged the government to facilitate the introduction of modern technology and tools in the agriculture sector that would help in increasing our per acre yield and improving exports of this sector.

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