President Sialkot Chamber of Commerce and Industry (SCCI) Majid Raza Bhutta has urged the government to take drastic steps to streamline existing markets and identify new potential markets for Made in Pakistan products. Talking to Business Recorder on Friday he said that Commerce Ministry in collaboration with Trade Development Authority of Pakistan and trade associations should work on streamlining the existing markets and identifying potential markets.
About decline in exports, he said we have observed that our exports mainly target specific regions and those regions were facing economic slowdown. Therefore, Pakistan should focus on exploring new potent markets like Far East, Central Asian Republic, Latin America and most importantly Russia he said.
The SCCI President further added that effective strategies should be devised for tapping the potential of the markets and special steps should be taken for initiating negotiations for the free trade agreements. In addition, essential resources should be deployed for gathering market intelligence and creating trade linkages he said.
The SCCI President also stressed the need for setting up EXIM Bank (Export import bank of Pakistan) on priority basis to facilitate the export sector of the country in terms of financing and other related issues adding that the EXIM bank should be given practical shape in the larger interest of export sector of the country.
Sialkot is the export hub and earning USD 2 billion through its export and strengthening national exchequer despite of certain problems confronted by the local business community he said. Majid said keeping in view the contribution and importance of Sialkot government should take steps for setting up Special Economic Zone in Sialkot to facilitate the business community of Gujrat, Gujranwala, Sialkot and many other adjoining areas. The SCCI President suggested that Sialkot Export Processing Zone (SEPZ) should be given the status of Special Economic Zone (SEZ) to facilitate business community of Gujrat, Gujranwala and Sialkot.
The SCCI President further added that government should provide special incentives to encourage the export of high priority sectors like textile and clothing, surgical and dental instruments, leather products, sports goods, footwear, gems and jewelry and furniture. Similarly potential sectors like surgical implants, composite products, light engineering products, printing and packaging, sports wear, fitness apparel, gloves and musical instruments etc., needed special focus and facilities to perform optimally, he added.
He emphasized the need for setting up "Marketing Intelligence Cell" at Trade Development Authority of Pakistan (TDAP) to provide assistance to the manufacturers and exporters in obtaining information pertaining to international demands for commodities, competitive price index, expanding markets and other essential trends. The cell would also serve to disseminate updated information to the exporters on export markets and technology to facilitate diversification of exports Majid added. Majid proposed that government should provide interest free loans of 10 percent of the total exports for the import of new technology thus enabling exporters to upgrade their industrial units to enhance production efficiency.