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Businessmen advocate expanding market outreach, exploring rare-earth minerals to boost exports
LAHORE:
Lahore Chamber of Commerce and Industry (LCCI) President Faheemur Rehman Saigol has emphasised that the diplomatic community plays a significant role in advancing Pakistan’s economic interests and effectively representing the business potential of the country across international markets.
He acknowledged the diplomats as the true face of Pakistan in promoting trade linkages and private-sector cooperation. At a dinner hosted in their honour, the honorary consuls agreed that trade bodies were the true representatives of the private sector and their contribution to economic well-being was unparalleled.
Saigol highlighted the need to diversify Pakistan’s exports and access new markets, noting that the government had prioritised high-potential sectors including agriculture, information technology, tourism and mining.
With nearly 65% of the population below the age of 30, Pakistan holds a strong competitive advantage in human resources that can be strengthened through skill development and utilisation in global value chains.
He pointed out concerns over the rising trade deficit, which reached $9.37 billion in the first quarter of the current fiscal year, showing a 34% increase compared to the previous year. He stressed the urgency of introducing new products, expanding market outreach and exploring rare-earth minerals to improve Pakistan’s export performance and strengthen the national economy.
Saarc Chamber of Commerce Vice President Mian Anjum Nisar said that enhancing bilateral trade, tourism and technical cooperation was essential for Pakistan’s economic improvement. “Honorary consuls are requested to share business information and trade opportunities in their respective countries, so that Pakistani products can gain access to new markets,” he said.
“Through agricultural technology and joint ventures, not only can employment be generated, but per-acre productivity can also be enhanced to address the growing challenge of food security.” He pointed out that companies were moving out of Pakistan and the government must understand the realities and improve the investment climate. “The law and order situation is now better than before and there are immense opportunities in tourism and several other sectors. We must keep pace with the world – the exchange of information and technology is crucial to lay a stronger foundation for the national economy.”
Portugal Honorary Consul Iftikhar Firoz said that Pakistan enjoys a favorable trade balance with the European Union, with exports standing at around $11 billion compared with imports of $3.9 billion. He stressed that despite the EU’s GSP Plus status for Pakistan, there was still significant room to increase export share in European markets.
He urged the Lahore Chamber to work with EU countries to raise Pakistan’s export quota from the current 6.4% to at least 12-15%.
