ISLAMABAD: October 8, 2024: Federal Minister for Commerce Jam Kamal Khan said Pakistan’s economic future depends significantly on a notable increase in exports.
While addressing an event at the Governance Innovation Lab on the theme of “Export-Led Economy,” he emphasized that without boosting our exports, the country’s economic sovereignty cannot be achieved.
He stressed the need for a comprehensive strategy to raise exports to $60 billion by the fiscal year 2029, warning that failure to increase exports would lead to continued reliance on IMF loans and remittances, which is detrimental to the national economy.
Jam Kamal reported that Pakistan’s exports reached $30.6 billion in the fiscal year 2024, with a remarkable 54.8% increase in the agricultural sector, bringing exports to $7.95 billion.
He noted that global factors such as COVID-19, the Ukraine war, and regional tensions have adversely affected exports; however, the government has developed a cohesive strategy to address these challenges.
He mentioned that Pakistan’s services sector has also seen significant growth, particularly in IT and telecommunications. In 2023, service exports reached $7.1 billion, with further increases expected.
The Federal Minister of Commerce highlighted the government’s efforts to improve business financing, reduce energy tariffs, and promote the development of small businesses.
He assured that the government is working on all these issues to further enhance the country’s exports.
He said the launch of the “Brand Pakistan” campaign aimed at improving the recognition of Pakistani products in the global market.
Jam Kamal indicated that while the focus has historically been on textiles, there is now a shift towards exporting non-traditional sectors like pharmaceuticals, engineering, and agricultural products.
On this occasion, Minister for Planning Ahsan Iqbal also spoke, stressing the necessity of increasing exports to $100 billion for Pakistan’s economic development and stability.
He called for the implementation of a National Export Emergency to save the country from further debt burdens.
Jam Kamal further added that the government has developed long-term plans to boost exports and is incorporating feedback from experts across various sectors into policy-making.
