Friday, June 2, 2023

Pakistan exploring new trade avenues to achieve $26bn export target: SAPM

For the future of its exports, Pakistan has big plans. The Country is looking forward to exploring new trade avenues in its grand pursuit of meeting the $26 billion export goal over the next three years, as per Abdul Razzak Dawood, Special Advisor to PM on Commerce and Investment

The advisor told the government, as per a Business Recorder paper that Pakistan was analyzing new trade markets around the world in its attempt to build up exports worth $26 billion in the near future.

He clarified that the key agenda of the incumbent Government is to generate an increase in exports through trade diversification, regional trade integration through Gwadar Port, discovery of new markets in Africa and the Americas and improvement of the development of engineering goods.

There are undoubtedly lucrative opportunities in the markets being pursued and an additional emphasis is on high-value goods such as engineering products, which is likely to accelerate the overall value of exports to various parts of the world.

Mr. Dawood added that regional trade and economic integration will play a key role in improving connectivity with the states of Central Asia and Afghanistan. A good chunk of these states are landlocked and it is anticipated that their dependency on Gwadar Port to conduct marine trade will also bring in a good amount of revenue.

He said that the Government’s other main emphasis is on expanding the position of the Digital Economy, engaging with the International Market, growing Exports and creating new opportunities for young people to find jobs.

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