Federal Minister for National Food Security and Research Rana Tanveer Hussain has said that a strong export-oriented economy is the foundation of national economic stability. The government is fully committed to promoting exports and resolving the issues faced by exporters, while the role of overseas Pakistanis in the country’s development is unforgettable. Under the prudent leadership of Prime Minister Muhammad Shehbaz Sharif, Pakistan has achieved numerous successes on the diplomatic front.
He expressed these views while addressing a ceremony at the Lahore Chamber of Commerce and Industry (LCCI) on Friday as the chief guest. President of the Lahore Chamber of Commerce and Industry Fahim ur Rehman Saigol, chamber members, and other personalities were also present on the occasion.
The federal minister said that he had come to meet the business community of his own accord. He emphasized that the government and the business community need to sit together and formulate a comprehensive strategy for promoting national exports, as export-led growth is the key to economic stability. He stressed that exports must be increased, as higher exports would help reduce the current account deficit.
Rana Tanveer Hussain said that the government is fully aware of the problems faced by the business community and has always taken the lead in resolving them, and continues to do so. Despite challenges, the government has provided various facilities, reduced taxes on export-oriented cotton, and further reductions will be made in the future.
He stated that Prime Minister Muhammad Shehbaz Sharif has held more meetings with the business community in the past two years than any previous leader. The government seeks to promote a business-friendly environment and increase GDP growth. He noted that the textile sector has repeatedly been given large incentive packages—up to Rs. 50 billion at a time—but exports have not increased accordingly. Although interest rates and the policy rate were reduced, the desired results were not achieved. The policy rate has been further reduced and it is hoped that it will come down to single digits. He added that Pakistan has immense potential which needs to be fully utilized.
Describing exports as the backbone of the economy, the federal minister stressed the need to expand access to global markets. He also emphasized strengthening local industry and farmers to improve quality and productivity in order to compete internationally.
He said that livestock accounts for 60 percent of agriculture and exports are already taking place, but there is scope for further growth by improving quality. He highlighted that the global halal food market is very large and even non-Muslim countries are exporting halal food in significant quantities. Pakistan must also focus on this sector, and facilities will be provided to the business community in this regard.
Rana Tanveer Hussain said special attention is being given to seed quality and certified seeds will be provided to farmers. Fertilizer prices have been kept uniform and supply remains uninterrupted. He added that reforms are underway in every sector, and Pakistani ambassadors abroad have been instructed to work for the promotion of Pakistani exports, which is also the prime minister’s clear message.
He said that overseas Pakistanis play a vital role in improving the national economy. The government is working day and night to promote exports, with efforts underway to increase exports of edible items, meat, livestock, rice, and other commodities for which there is strong demand in international markets. He noted that concrete steps are being taken to enhance trade with Iran, including the export of 300,000 tons of rice to Iran.
The federal minister further stated that olives and fisheries are also major sectors, and Pakistan needs to expand its export access, particularly to African and other emerging markets, to increase trade volume. He emphasized that continuity of policies is essential for economic improvement, but unfortunately, in the past, frequent changes in political governments hindered economic progress.
He concluded by saying that due to the efforts of Prime Minister Muhammad Shehbaz Sharif and Field Marshal Syed Asim Munir, Pakistan has achieved significant diplomatic successes, and the country will continue to progress in the coming days.
On the occasion, the President of the Lahore Chamber of Commerce and Industry and other speakers also addressed the gathering, stating that the business community would fully support the government in achieving the export targets set by it.
