The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has shown serious concern over growing trade deficit and called for a major shift in export policy by practically introducing diversification in exportable surplus, besides facilitating the private sector to take a lead role to capture major share in the world market in coming years.
Its zonal executive committee also demanded of FPCCI leadership to become realistic in forcing the government through policy input to help come domestic industry sector out of recessional phase. The majority of the executive committee meeting participants wanted that the FPCCI leadership should establish close link with the next elected government to seek facilitation for the private sector to restore confidence and enable it to become an engine of the economic activities in today's challenging world.
The meeting jointly chaired by FPCCI zonal chairman Punjab Azhar Saeed Butt and co chairman Businessmen Panel and former president Iftikhar Ali Malik congratulated PPP co-chairman Asif Ali Zardari and PML-N chief Mian Nawaz Sharif to get majority seats in February 18 elections and hoped that with their in the government, Pakistan's industry and trade will grow and play its due role in making Pakistan self reliant economically.
The meeting also expressed its satisfaction that the losers of the elections have conceded their defeat and expressed their readiness to work with the winners.
Iftikhar Ali Malik told the committee that a 48-member trade and industrialists delegation led by Tariq Sayeed had met Asif Ali Zardari in Naudero to condole tragic death of PPP chairperson Benazir Bhutto and after offering prayers for the departed soul informed him of Pakistan's economic situation. He said Asif Ali Zardari had quickly understood the problem confronted with Pakistan's economy and assured the traders delegation that if the nation voted for his party in the elections he would sit with FPCCI leadership and take them on board to take corrective measures for recovery in economy. He said Asif Ali Zardari had repeated the same assurance in his first address after winning the election and it a good sign for Pakistan.
Iftikhar Ali Malik strongly advocated for national reconciliation and consensus among all the stakeholders to take Pakistan forward and address the problems of the masses. He said it was a time to forget and forgive and utilise the energies and abilities for making Pakistan a great power economically and politically.
Azhar Saeed Butt said that the next elected government needs to explore the new areas for finding access to new market globally for increasing exports in the future. He said substantial increase in exports could make the domestic industry vibrant besides earning much-needed foreign exchange for Pakistan. He said upcoming government should focus on the new trade diplomacy to increase exports and make Pakistan economically strong to face the challenges. He called for diversification of export items and upgrading trade promotion infrastructure, skill development. He said early provision of modern infrastructure and diversification in exports and markets were major factors in achieving good result on export front.
He added that targeted exports for 2006-07 were 18.6 billion dollars, while import target was set at 28 billion dollars. The official statistics made it clear that targeted growth in export was not achieved for the current year as the share of textile products in total exports has reached at 63 percent. He was of the view that the pattern of growth of different products suggested diversification to enhance exports in the future.