ISLAMABAD: Federal Minister for Commerce, Jam Kamal Khan, emphasized the significant improvements in Pakistan’s economy due to recent structural reforms, international recognition of economic measures, and the support of the business community.
Speaking at the Lahore Chamber of Commerce and Industry (LCCI), he highlighted that the country’s economy, which had faced challenges until a few months ago, has shown notable progress in the past 18 months. Khan pointed out that even global institutions like the IMF have acknowledged Pakistan’s efforts in economic recovery.
The Commerce Minister noted the increasing foreign participation in events such as the HEMS Expo and Mineral Expo as a sign of growing international confidence in Pakistan. He also credited Prime Minister Shehbaz Sharif’s involvement in resolving key issues and the collaborative efforts of the business community during tough times.
He mentioned the restructuring of the Export Finance Scheme (EFS) program, and said reforms are being shaped with input from stakeholders, including the LCCI.
Khan further detailed ongoing efforts to promote trade, including the personal participation of the Prime Minister in B2B meetings during international visits. He also noted the restructuring of the Export Development Fund (EDF) and improvements within the Trade Development Authority of Pakistan (TDAP).
The minister acknowledged that while exports remain concentrated in a few products and regions, there is untapped potential in markets such as East Africa and Central Asia. He emphasized the government’s focus on promoting exports through new trade policies and sector-specific meetings on tariffs.
LCCI President Mian Abuzar Shad expressed support for the government’s economic revival efforts but pointed out ongoing challenges. He revealed that Pakistan had a trade deficit of $17.9 billion during the first nine months of the current fiscal year, a 5% increase from the previous year.
Abuzar stressed that Pakistan’s industrial sector must be addressed to boost exports. He identified issues such as high energy tariffs, the devaluation of the rupee, and high land prices as significant barriers to industrial growth.
Abuzar also pointed out that Pakistan’s export revenue has stagnated due to a lack of diversification into value-added products. He called for measures such as cheaper electricity and gas for industries, single-digit financing rates, and improved tariff structures to support industrialization and attract investment.
He highlighted the potential of sectors like halal food, pharmaceuticals, IT, engineering goods, and sports goods, which remain largely underexplored.
In addition, he mentioned that a large portion of Pakistan’s exports is limited to textiles, leather, and rice, with 58% of exports confined to just 10 countries. Abuzar urged the Ministry of Commerce to focus on emerging markets, particularly in Africa, ASEAN nations, and Central Asia, where there is significant trade potential.
He also called for improved market intelligence and data-sharing among commercial counselors and chambers of commerce to better inform trade strategies.
Other participants, including former LCCI President Muhammad Ali Mian and SAARC CCI Vice President Mian Anjum Nisar, also highlighted the importance of capitalizing on global trade opportunities and reducing operational costs to enhance the competitiveness of Pakistani exports. Nisar emphasized that ongoing global tariff wars could provide Pakistan with an opportunity to expand its exports.
Additionally, the need for simplification of documentation requirements and promotion of joint ventures for technology transfer was raised by former LCCI officials.
