KARACHI: Caretaker Commerce Minister Gohar Ejaz has said that exports will cross $100 billion in the next five years if the 10,000-acre new industrial zone in Karachi is materialised, which will also create three million new jobs.

Addressing the business community at the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Saturday, Mr Gohar said the new industrial zone would be aligned with international standards.

The business community can simply triple its earnings if it plays its due role in the accomplishment of targets set by the economic team of the government, he said, adding that it is a win-win situation.

According to FPCCI’s press release, Mr Gohar shared his deep concerns over the state of Pakistan’s economy; specifically, trade deficit, rupee depreciation, low number of active tax filers, anomalies in Afghan transit trade, reliance on the external sources of financing and dearth of the active participation of the business community in the policy-making.

The minister also offered his full support in taking top economists on board as advisers of FPCCI to formulate its policy recommendations.

Provincial Caretaker Minister of Commerce for Punjab S.M. Tanveer stressed that FPCCI should establish a credible, functioning and productive research and development (R&D) structure so that the federal and provincial governments incorporate its recommendations in budgetary, industrial, trade, agricultural, monetary, taxation, SME and infrastructure development policies.

FPCCI President Atif Ikram Sheikh said the apex chamber has decided to support the government’s initiatives for achieving the $100bn export target, documentation of the economy and stabilising rupee-dollar parity.

“The FPCCI is going to announce its R&D structure in the next 10 days to turn the chamber into a top consultative body for the government,” he said.

Mr Atif also proposed that the business community should embark on a mission to accelerate exports by being competitive, holding single-country exhibitions for major export destinations, diversifying its export basket and creating an effective liaison and consultative process with the government.

Published in Dawn, January 14th, 2024