Faiza Tehseen

Diversifying Pakistan’s export base is crucial for sustainable economic growth. The chambers of commerce and industry across Pakistan are engines of growth for both trade and business in domestic and global markets, opined President of Sialkot Chambers of Commerce and Industry (SCCI) Ikram ul Haq in an exclusive interview with WealthPK.

“Pakistan’s export sector has long and largely been dominated by textile products. This industry covers about 60% of total exports. This over-reliance on a single sector has eclipsed the growth of other industries in almost all aspects including innovation, research and development, competitive approach, quality control, and standard,” he said.

He said it was important to expand product categories to mitigate the risks associated with market fluctuation. It will also help tap into the emerging international markets and opportunities related to trade, business, and overseas employments.

Advocating export diversification, the SCCI president highlighted the need to prioritize different sectors including mining, lapidary, processed food consisting of seafood, meat, fruits, and vegetables, value added agri-products, information technology, services provision including, lawyers, tax experts, medical related persons, and even other human capital consisting of skilled fellows.

He said, “Pakistan’s trade investment officers and other officials in foreign service should act as the country’s sales representatives. It is important to increase the domestic trade and business network in the outer world. These strategies will position Pakistan as a strong brand in export markets.” He said global trade and business expansion, particularly with the neighboring countries, is crucial.

All provincial governments should focus on significantly boosting regional trade to increase the country’s trade volume. He emphasized removing trade barriers with the outer world and prioritizing the neighbouring countries. There is a dire need for effective lobbying in regional groups, including Economic Cooperation Organisation (ECO) and Association of Southeast Asian Nations (ASEAN).

He said, “Africa and Central Asia can be potential markets for Pakistani traders and business fellows. The main reason is that these markets are less saturated than the traditional target markets like the US and Europe. Besides coordinated and individual efforts of chambers, reforms in the ports and shipping policies are necessary to reduce costs and improve efficiency.”

The SCCI president emphasized the need for innovative and better marketing strategies to enhance Pakistan’s international export position. With the coordination of experts in both trade and business, chambers act as business training and incubation platforms. It will play a vital role in diversifying the export agenda, ensuring Pakistan’s economic resilience at the global canvas.    

He also stressed tripartite collaboration involving Pakistan’s private sector, international investors, and friendly countries, particularly China, to synchronize export and capital across multiple domains. Waseem Shahbaz Lodhi, a Sialkot-based exporter of sportswear and footballs, talked to WealthPK about the important role of chambers of commerce and industry across Pakistan to expand export diversity.

He said the chambers facilitate trade, promote industrial development and ensure that the produce from Pakistan is competitive, and according to the standard of international markets. So, the role of chambers is crucial to expanding export assortment by offering a podium to provide advocacy, connectivity, and access to valuable resources, whether they are physical or virtual.

To make the chambers’ role more effective, the government should provide them with more opportunities for taking part in international trade fairs, international business tactic workshops, and learning new trends to boost exports, added Waseem.

Credit: INP-WealthPk