"Pakistani businessmen should adopt aggressive marketing strategy to get their due share in the international market whereas regional trade is also another neglected area where appropriate attention is required." Lahore Chamber of Commerce and Industry (LCCI) President Sheikh Muhammad Arshad stated this in a statement on Friday.
Despite having best quality, Pakistani merchandise are not finding their way to most parts of the world just because of lack of aggressive marketing strategy. The regional trade is another neglected area where we have to do a lot of work through public-private partnership, he said.
The promotion of regional trade is must to enhance exports which are showing a declining trend. It is a matter of concern that our exports are going down at a time when our competitors are writing new stories of success in the global market, he added.
Pakistan's exports base is extremely limited and concentrated in five products namely cotton, leather, rice, synthetic and textile. More than 60 percent exports earnings are contributed by the textile industry while 15 percent of total exports contributed by leather, synthetic made ups and rice. "It is time to diversify our businesses and have to add new products to attract maximum foreign buyers for Pakistani products", he added.
He stressed upon the need for developing regional, product specific and target oriented marketing strategy. The new markets and new products need to be explored to reduce country's dependence on few commodities and countries.
He said, "Pakistan's exports are highly concentrated in few items. Such concentration in few markets can also become a source for instability in export earnings. We should move towards higher value added to increase our exports. They also urged the exporters of textiles, leather, rice and sports goods to develop their own brands to win the international market."
The private sector, not only to concentrate on promotion of regional trade that is more efficient in terms of cost and logistics but to explore huge untapped African market. Pakistan occupies a strategic location and has ability to act as a major player in transforming the region into a trade and manufacturing hub, he said. LCCI president further said that Pakistan has lost momentum but it has ability to bounce back as it has over 50 percent of young population, 12 percent of known global natural resources, and all prerequisites to become a developed nation. South Asian countries have the opportunity to rethink and pursue new sources of growth in both domestic and external markets, he maintained.
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