ICCI Urges the Govt to Work on Diversification of Exports

The Islamabad Chamber of Commerce and Industry (ICCI) has called upon the government to focus on diversification of exportable products and markets to boost the volume of exports, which would ensure the economic growth of the country and address many economic woes.

President Islamabad Chamber of Commerce and Industry (ICCI), Muhammad Shakeel Munir, said that Pakistan was mostly relying on textiles for exports as this sector was making a 60 percent contribution to the total exports of the country. However, he stressed that the government should cooperate with the private sector for diversification of exportable products and markets to improve exports to tackle Pakistan’s long-standing economic woes and achieve sustained growth.

He said that many sectors, including engineering, IT, pharmaceuticals, Halal food, marble and granite, gems, and jewelry, among others have good potential to improve Pakistan’s exports and emphasized that the government should take solid measures to facilitate these potential sectors to achieve fast growth in exports.

ICCI President urged that the government should focus on emerging markets for exports, including Russia, the Central Asian region, Africa, Turkey, southeast Asian Nations (ASEAN). He said that the acquisition of new markets and the focus on diversification was very important to take our exports to the higher levels.

Furthermore, he said that it was essential for Pakistan to upgrade its industrial sector for producing value-added products for exports. However, the withdrawal of tax exemptions through a mini-budget would create more problems for the up-gradation of industries and urged that the government should reconsider its decision.

Senior Vice President ICCI, Jamshaid Akhtar Sheikh, and Vice President ICCI, Muhammad Faheem Khan, said that Pakistan has a lot of potential to increase annual IT exports up to $5 billion from the current level of $2.5 billion.

They urged that the government should cooperate with domestic software houses in setting up their liaison offices in potential markets that would go a long way in improving exports of the IT sector. They further said that the government should facilitate the introduction of modern technology and tools in the agriculture sector that would help in increasing our per acre yield and improving exports of this sector.