ISLAMABAD: The private sector must change its strategy and focus on value addition to boost exports, Minister for Commerce Pervaiz Malik said on Friday.

Addressing the business community of the federal capital after inaugurating International Trade and Research Centre at Islamabad Chamber of Commerce and Industry (ICCI), the minister acknowledged that the cost of production in Pakistan was high. The government is making efforts to bring down electricity cost in order to reduce production cost so that business activities and exports could flourish, he added.

“The private sector should focus on improving competitiveness and quality of products to enhance Pakistan’s exports,” Mr Malik said and added that rapid increase in exports was vital to making Pakistan a strong economy.

“Pakistan’s exports are now improving, but the country is still facing exports deficit of $3 billion every month compared to imports,” he added.

With less than five working days in the office, Mr Malik assured the business community that the government was revising the free trade agreement (FTA) with China and other countries to improve Pakistan’s balance of trade with foreign countries.

He said the Strategic Trade policy Framework (STPF 2015-18) was ending on June 30 this year. Strengthening trade related institutions and facilitating trade promotion would be the key focus in the next five years STPF, he stressed.

Meanwhile, President ICCI Sheikh Amir Waheed said that the business community was making strong efforts to promote Pakistan’s trade and exports.

The International Trade and Research Centre, ICCI has four new cells to facilitate the business community in promoting foreign trade.

The China-Pakistan Economic Corridor (CPEC) Facilitation Cell would assist prospective investors in making investments and joint ventures in various CPEC projects.

Published in Dawn, May 26th, 2018