Strategic Trade Policy 2012-15: $95 billion export target impossible due to weak economy: PRGMEA

The Central Chairman, Pakistan Readymade Garments Manufacturers & Exporters Association (PRGMEA), Sajid Saleem Minhas has said that the recently announced Strategic Trade Policy 2012-15 has set an ambitious three-year export target of US $95 billion. This comes to about US $32 billion per year and a growth of about 20 percent over the current exports is required to achieve this target. Even if we assume that the current government or any new one that comes along has a programme to cure all of our energy and law and order problems, this target is still not achievable due to the weaknesses in our economy.
He further added that when one reads through the policy one sees a plethora of new governmental regulatory bodies that have been created to help the proverbial "stake holders" in order to improve exports. In our opinion the biggest hurdles created for the private sector (the real stake holders) are the many governmental regulatory bodies which are already stalking the export industry and adding a few more would only hasten the demise of the industry.
According to Sajid Minhas this policy only suits the bureaucracy. Although it is very encouraging to see that new sectors are increasing their share in the exports of Pakistan. However this is mainly due to the decline in the exports of textile and apparel. Our main concern is that even if we are able to maintain our current exports - this would be an achievement in it self. We fear a decline and this is quite scary."-PR