LAHORE: Special Assistant to Prime Minister (SAPM) Malik Raza Rabbani Khar has said that trade diversification was crucial for economic stability and growth of the country in the present scenario.

Inaugurating the second ‘Engineering and Healthcare Show’ at Expo Centre here on Thursday, he said the locus of international trade was shifting towards diversification and Pakistan was also following the global trade scenario, and diversifying its global trade in terms of products as well as markets.

He said that Pakistan exported goods and services of US$38 billion in 2021-22, but it had a lot more potential. “We can supply more engineering goods, electrical appliances, pharmaceuticals, sports goods, surgical instruments, cosmetics, furniture, agricultural machinery, auto parts, tractors and many other products,” he added.

The SAPM said that it was government’s vision to double the trade of Pakistan in the next few years. “We need to accelerate export diversification and product sophistication and make our trade more inclusive for the purpose,” he added.

TDAP Chief Executive Officer Muhammad Zubair Motiwala and secretary also spoke, and said that the exhibition was aimed to present the true image of Pakistan before the world.

Special guest Third Deputy Prime Minister of Uganda, Nakadama Rukia Isanga, Advisor to President of Kenya, Dr Faith Mwikan Ndiwa and other foreign dignitaries also attended the ceremony.

According to the spokesperson of the TDAP, the authority also arranged approximately 930 sector specific B2B meetings of foreign buyers with local exhibitors.

Further, 3 MoUs were signed by Federation of Pakistan Chambers of Commerce and Industry (FPCCI) with Ghana National Chamber of Commerce and Industry (GNCCI) , Pakistan Hong Kong Trade & Investment Forum and with Zimbabwe National Chamber of Commerce to enhance bilateral trade.

Leading Pharmaceutical companies also signed 5 MoUs with Kenyan, Ethiopian and Nigerian companies. Lahore Chamber of Commerce & Industry signed 2 MoUs with Hong Kong Trade & Investment Forum.

Copyright Business Recorder, 2023