Pakistan aims to multiply exports to China to achieve ambitious $100 billion goal
Islamabad: Pakistani Ministry of Commerce is aiming to multiply exports to China as part of its ambitious goal outlined in “Vision Pakistan: Road to $100 Billion Exports.”
On Friday afternoon, the Ministry of Commerce announced the successful convening of the inaugural meeting of the Textile Export Advisory Council in Islamabad.
Chaired by the Commerce Minister, Dr Gohar Ejaz, the meeting marks a pivotal step towards realizing in Dr Ejaz’s “Vision Pakistan: Road to $100 Billion Exports.”
Comprising prominent figures in the export sector, the council boasts members including Mussadiq Zulqarnain, Fawad Anwar, Shahid Surti, Mian Ahsan, Yaqub Ahmed, Aamir Fayyaz Sheikh, Shahid Abdullah, and Ahmed Kamal.
The collective wisdom and expertise of these industry leaders were harnessed during the meeting to address pressing challenges faced by Pakistan’s exports.
During the deliberations, the council focused on identifying practical solutions to enhance the competitiveness of Pakistan’s textile industry on the global stage.
The members of the private sector actively contributed their perspectives, shedding light on critical issues and proposing strategies for their resolution.
China was seen as a key destination as Beijing is a sincere friend supporting Pakistani exports.
Commerce Minister Dr Gohar Ejaz underscored the significance of the textile sector, acknowledging its largest share in Pakistan’s exports.
He emphasized that despite this, the sector operates below its full potential. To address this, the council discussed plans to organize a Textile Expo, a dedicated platform aimed at boosting textile exports.
As part of the broader agenda, the council also considered proposals to elevate domestic exports to US $50 billion within the next five years.
Dr Gohar Ejaz expressed confidence that, with concerted efforts and strategic initiatives, Pakistan’s textile exports can reach US $ 50 billion, contributing significantly to the country’s economic growth.
Dr Ejaz highlighted the importance of increasing exports as a means to bolster national income and drive economic development.
He stressed that a robust export strategy can potentially alleviate the burden of debt, positioning Pakistan competitively in the global market. The Minister envisioned Pakistan’s Gross Domestic Product (GDP) to rise to 1 trillion dollars which can increase average per capita income in Pakistan threefold.
The minister stressed that Pakistan needs export driven growth to alleviate balance of payments problem.
On Friday, Muhammad Irfan Trade and Investment Counsellor at Pakistan Consulate in Guangzhou said Pakistan had witnessed an extraordinary 65% increase in its exports to South China from July 2022 to October 2023, showcasing the nation’s growing influence in the region.
The surge in trade is particularly notable in key provinces, including Fujian, Guangdong, Guangxi, Hainan, and Hunan, which experienced remarkable growth rates of 194%, 3%, 64%, 53%, and 117%, respectively.
Irfan said that from July 2022 to Oct 2023 Pakistan exports to the south region were US $334.88 million whereas last year in the same period it was USD 202.71 million which increased by 65% year on year.
This remarkable growth can be attributed to the strengthening economic ties between the two nations and the increasing demand for Pakistani products in Fujian.
The main products imported from Pakistan are Uncombed single cotton yarn, Sesamum seeds, and seafood.
Irfan further said that overall Pakistan’s exports to China also increased 41% from July 2022 to Oct 2023 worth USD 1.23 billion whereas last year in the same period it was USD 876.8 million.
