Export sub-committee of Karachi Chamber of Commerce and Industry (KCCI) has suggested the government that it should form a task force to focus and prepare a report on the products which are desperately needed by the Chinese industry and also for consumption by Chinese domestic consumer markets.
The scope of study of this task force should also include the requirement of China in next 20 years or so, keeping in view the rising demand. On the basis of the study, a long term future export target for China must be finalised and the private sector should be motivated to divert their industrial investments to such products which will be in great demand by the Chinese industry and the domestic market.
Pakistan's trade offices and consulates in China should invite Chinese industrial sector to find out what raw materials or semi-finished products they will need from Pakistan. During the next 20 years or so, China will be the world's largest import market for almost everything including textile-related products.
The sub-committee also suggested that horizon of research and development (R&D) support should be extended to non-traditional products, which have the potential in the world's biggest market (China) besides textile items.
Although during the last 8-10 years Pakistan's export earning have shown growth but it is significantly lower than its potential as well as much lower than the comparable economies of the world and particularly those of our neighbouring countries like India and China.
China being one of the world's biggest markets, importing goods worth 800 billion dollars, is located in close proximity of Pakistan by sea or land routes. There are several items which Pakistan can export to China at a competitive price as well as export capacity can be built in a short span of time by creating awareness among the policy formulators, so that the opportunities related to such products can be availed by the private sector.
During the last 8-10 years the EU/Asean/India/South America have focused on one strategy, and that is, to find raw materials/intermediary goods/finished products which can be consumed by the Chinese industry, in future. Unfortunately, till now, Pakistan has not been able to even initiate a discussion with the Chinese entrepreneurs on the subject.