Pakistan has a potential to export its items worth 4 billion dollars to India, while short-term export is of 700 million dollars. However, it can't say about India's expectation, said Tariq Ikram Chairman of Export Promotion Bureau (EPB).
He said, "Pakistan has introduced 90 non-traditional items in world markets and explored 80 new countries for Pakistani products to increase the volume of exports and strengthening the country's economy."
Tariq Ikram was addressing the Executive Committee of Multan Chamber of Commerce and Industry (MCCI) and All Pakistan Bedsheet and Upholstery Manufacturers Association (APBUMA) in two separate receptions.
Tariq said that Pakistani exports have increased by 14 percent from preceding year and we would easily meet the export target of 12 billion US dollars, reducing the inflation by 3/4 percent while our remittances had swelled to 4.5 billion dollars which had fallen to 1.5 billion and our rupee appreciated in currency market considerably which shows the stability and strengthening of our economy.
He said that our industrial production had increased by 14 percent, budget deficit reduced to 4.4 percent from 4.9 percent, our debts reduced to 35 billion from 38 billion dollars because we have returned the hard loans.
In spite of Sars, Iraq war and September 11, 2001 tragedy, Pakistan had achieved the target of 11.2 billion dollars in 2003 and 9 billion dollars in 2002.
The EPB Chairman said that a Pakistani was establishing a billet factory with an investment of 100 million dollars in Pakistan and we have approved his project and feasibility report within two month 17 days while he was making this offer for the last ten years but red-tape and disinterest of institutions were main hurdle in his way. Similarly, many Pakistanis were anxious to invest their wealth in Pakistan.
Tariq disclosed that fresh trade policy would be framed with the consent of stakeholders like exporters, manufacturers, importers, etc and it would soon be announced.
Giving reference of Heimtex fair (Germany) the EPB chairman said that all the participants of this fair were unanimous on this point that in next ten years, China and Pakistan would be unbeatable in export market, after them comes India. However, we would have to enhance productivity, standard, quality, timely sampling, shipment of consignments.
He further said that ending of quota would not hit our exports because we rely only 37 percent on quota, of them we produces more than 15 percent monopoly products and our social compliances are far better than Bangladesh, Sri Lanka, and other countries.