The country should adopt a multi-pronged approach to improve its export sector with innovation and marketing. Talk to Wealth Pak
Wednesday, December 11, 2024
Islamabad (News International New / Sputnik - 11 December 2024) Pakistan should adopt a multi-pronged approach to improve its export sector with innovation and marketing, supported by conducive policies and infrastructure development. With coordinated efforts, the country can enhance its global footprint and achieve sustainable economic growth.
Adviser to the Ministry of Commerce Abdul Khaliq, while speaking to Wealth Pak, said that innovation and effective marketing strategies can prove crucial in strengthening Pakistan’s global export position. Pakistan’s export sector suffers from limited diversification, which is heavily dependent on textiles and agriculture, while other high-value industries such as information technology, pharmaceuticals, and engineering are still underdeveloped.
He argued that to compete globally, the country must shift from producing low-value goods to producing high-value, technology-driven products. He explained that countries like Vietnam and Bangladesh have performed well in global markets by leveraging innovation to enhance product quality and meet international standards, but Pakistan lags behind in adopting modern technology and advanced production techniques, limiting its ability to produce competitive goods.
He stressed that government policies should prioritize research and development to help exporters move up the value chain. He stressed the importance of adopting digital marketing platforms and participating in international trade fairs to increase market reach and visibility. He said that branding Pakistan’s unique products such as organic textiles and agricultural goods can open doors to niche markets in Europe and North America. Exporters should target emerging markets in Africa and Central Asia.
Muhammad Suleman, Research Associate at the Trade Development Authority of Pakistan, said that the country faces many challenges in achieving its industrial goals, including low competitiveness, inadequate infrastructure, limited product innovation and ineffective marketing of its products abroad. The country suffers from persistent unemployment and a weak export base, largely because of its focus on commodities, intermediate goods and low value-added manufactured goods. Furthermore, irrational government policies and overly complex incentives provided to industries are prominent.
He said that Pakistan currently produces a limited range of products domestically and exports even less. To achieve economic growth, the country must diversify its export portfolio and integrate into new global value chains. Our policies aim to empower the business community, export-oriented industries and small and medium enterprises as the global market is embracing technological innovation and value addition. Our industries are largely intact.
He offered targeted financial support, such as low-interest loans, to SMEs to streamline export procedures, improve infrastructure, and facilitate their entry into global markets. He emphasized collaboration between the private sector and government to create export clusters that bring together producers, suppliers, and logistics providers for greater efficiency.
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