The Pakistan Business Council (PBC) has urged for significant reforms in export promotion and import substitution strategies to boost economic development.
In a letter addressed to Commerce Minister Jam Kamal Khan, PBC emphasized the necessity of a cohesive long-term export policy plan to overcome limited export diversity and market reach.
The PBC stressed reindustrialization to broaden Pakistan’s export base. It also proposed the establishment of a five-year National Charter for Exports, overseen by the Prime Minister.
The PBC emphasized the importance of integrating export incentives with manufacturing and import substitution policies, advocating for a holistic approach to promote sustainable growth. It also called for enhanced accountability and monitoring of export incentives, ensuring alignment with medium to long-term objectives.
Regarding export financing, the PBC recommended revisions to the Export Facilitation Scheme (EFS) to accommodate the needs of domestic firms and streamline export processes. Furthermore, the council underscored the necessity of globally competitive energy costs for all exporters to enhance the country’s export competitiveness.
The council suggested measures to diversify export markets and products. It proposed setting up a dedicated fund, akin to Japan’s EXIM Bank, to mitigate risks associated with exporting to challenging markets.
The PBC called for tailored policies to incentivize value addition, innovation, and market diversification. The council emphasized the importance of regional cooperation and trade agreements to expand market access and promote economic integration.
