PM Sharif sets goal to double Pakistan’s exports in five years amid economic challenges
02 April 2024
Published in: Arab News
Prime Minister Shehbaz Sharif on Tuesday directed the Ministry of Commerce to formulate and present its strategy to double national exports in the next five years after consulting relevant stakeholders and entrepreneurs to deal with the mounting economic and financial challenges facing the country.
The prime minister issued to instruction at a high-level meeting on the development of the export sector at a time when Pakistan’s economy is dealing with pressing financial constraints and striving for sustainable growth.
The government’s effort to bolster the economy aims to increase foreign exchange earnings and reduce the trade deficit to address the urgent need for economic rejuvenation and stability.
“The prime minister instructed to facilitate exporters in the e-commerce sector, who manufacture their products in Pakistan and export them worldwide,” said a statement issued by his office. “He instructed the commerce ministry to immediately resolve the issues of exporters of the Made in Pakistan brand.”
The prime minister also instructed to involve stakeholders in the information technology, home appliances, textiles and other sectors to boost their exports.
Suggestions for the development of the export sector in Pakistan were presented at the meeting.
Pakistan has been particularly focusing on the IT sector to increase its exports.
According to official figures released today the country’s IT export remittances shot up by $257 million, or 14.9 percent, to $1.98 billion between July 2023 to February 2024 in comparison to $1.72 billion reported during the corresponding period last year.
