KARACHI: In line with the Prime Minister Imran Khan’s vision of regional connectivity, Advisor to the Prime Minister on Commerce and Investment Abdul Razak Dawood on Wednesday said that Pakistan and neighbouring Iran have ‘almost agreed upon’ a bilateral ‘Barter system’ deal, under which the former will export rice in exchange of LNG from the later.
Since, Iran is under US-led crumbling economic sanctions; both countries cannot use proper banking channels, presently; however the agreement would be executed through private parties. Quetta Chambers of Commerce and Industry (QCCI) and Tehran Chambers of Commerce and Industry (TCCI) will represent their respective countries, said the advisor while taking to media during his visit to Karachi Press Club (KPC). He said “Iran has agreed in principle, and an agreement in this regard is expected in the next two months.”
Sharing the government’s economic vision, Razak said Ministry of Commerce (MoC) is focusing on diversification of product range, sectors, and geography under its Strategic Trade Policy Framework (STPF). Besides Pakistan’s full penetration in the traditional markets like EU, USA and China, he said the country has been exploring non-traditional markets in Central Asian Republics (CARs) under its Silk route reconnect policy. Also, it has been exploring African region under the ‘look Africa policy’, he said.
Razak said Pakistan needs to introduce export culture, and the MoC is making all out efforts to ensure it in all sectors from industry to Federal Board of Revenue (FBR). “Exports are very important to our country,” he said.
Razak said Pakistan’s exports have increased up to 30 percent this year. Only in the last four months, our export growth has gone up to 45 percent as against the same period last year. Our IT exports witnessed a growth of 47 percent last year.
Without giving further details, Razak said he is expecting $2billion investment in the textile sector, soon.
For the year 2021-22, he said MoC has set an export target of $37.8 billion including $ 20 billion for textile sector. The country would be able to fetch around $ 31 billion from the export of goods, and $ 7.5 billion from the exports of services sector. “So far, we are doing well exactly as per the sat export targets,” Razak said.
He informed that he is heading a 115-member delegation to Nigeria to organize a single country exhibition next week. Pakistani companies from textile, pharmaceutical, engineering, food and vegetable, and IT would showcase their products there.
Terming the ongoing gas shortage as challenge, the Adviser said deliberations in this regard are under way with the concern stakeholders.
To a query, he said that China Pakistan Economic Corridor (CPEC) is still an important project as Pakistan has been able to resolve its chronic electricity woes, also improved its road connectivity network. Special Economic Zones (SEZs) are also being developed.
He said now direction has been changed, and we are going towards industry and agriculture sector development and for which we need support from Chinese companies. They are making investments largely for the local market. We want them to come and set up units for the export purposes, and so far three companies are working in this regard as well.
In his welcome address, KPC Secretary Muhammad Rizwan Bhatti said that KPC has been upholding democratic norms and practices since its establishment back in 1958. He said KPC holds regular elections; provide better facilities such as canteen, computer lab etc, to its 1800 members.
Later the Advisor visited the recently established Digital Studio at KPC, and appreciated the efforts of the present KPC body.
Copyright Business Recorder, 2021