Economic diplomacy key to break restrictions of low exports: LCCI
Lahore (MNP) Economic diplomacy and cross border networking holds key to break the restrictions of low exports and to acquire affordable technology from other countries to improve industrial productivity of the country.
These views were expressed by the President of Lahore Chamber of Commerce and Industry Kashif Anwar while speaking at Golden Ring Economic Forum Series at University of Management and Technology on Tuesday. Chairman Golden Ring Economic Forum (GREF) Lt. Gen. Retired Sikandar Afzal, Hasnain Raza Mirza, President GREFF, Director General University of Management & Technology Abid Sherwani and experts from different sectors also spoke on the occasion.
The LCCI President said that so far as Economic Diplomacy is concerned, we from the platform of chamber of commerce have been consistently making efforts. For that matter, we keep on interacting with foreign diplomats and also develop liaison with international business community.
Kashif Anwar shared his views on key areas where Pakistan needs to spend most of its synergies. He said it has been observed that Regional Economic Integration allows for more significant trade flows and also provides greater business growth opportunities. He said that economic diplomacy should be used for reviewing existing PTAs/FTAs to utilize them to our own advantage and also negotiate new trade agreements with countries located in Gold Ring region like Russia, China, Turkey, Iran and Central Asia.
The LCCI President said that these countries are our next door neighbors and we also share border with some of them. It is pertinent to mention that the worth of global trade done by these countries stands around 6 Trillion dollars and Pakistan’s share is merely 0.8% in that. He said that as per estimates, these countries imports almost 76% of such items which are exported by Pakistan to other nations of the world. So far as top 50 exporting items of Pakistan are concerned, there is a scope of almost 22 billion dollars in Gold Ring region which must be exploited to close the existing gap between total imports and exports of Pakistan. It has also been longstanding stance of LCCI that we must work towards diversifying our exports markets to reduce dependence on a few countries.
He said that the priority should be given to improving Foreign Direct Investment. Pakistan should create a favorable environment for foreign investors by improving its infrastructure, reducing hurdles, and providing long-term incentives for investment. He said that the government should also develop special economic zones and export processing zones to attract foreign direct investment. In this respect, the government should also incentivize the Multinational Companies to invest in Pakistan.
The LCCI President said that Pakistan has been bestowed with tremendous potential of tourism. Pakistan has a rich cultural heritage and natural beauty, which can attract foreign tourists. The government should promote tourism by developing infrastructure, improving security, and providing incentives for tourism-related businesses. In this regard, religious tourism must be promoted to attract foreign tourists belonging to different religions.
He said that the regional connectivity is another area that requires the attention of our policy makers. China-Pakistan Economic Corridor is a great blessing but it appears that CPEC has been put on back burner. We need to pace up the work on it as this will improve our economic ties with not only China but with other countries in the region. He said that it is high time for Pakistan for improving its transportation and communication infrastructure to facilitate future trade and investment.
