The Lahore Chamber of Commerce and Industry (LCCI) President Faheemur Rehman Saigol has emphasized the critical need to simultaneously increase exports and promote import substitution to reduce the trade deficit and strengthen the national economy, according to a statement released on Thursday.
Seminar on Export Opportunities
Speaking at a seminar titled "Export Opportunities for Pakistan," organized by the LCCI, Saigol highlighted that Pakistan possesses immense potential, a resilient workforce, and abundant opportunities for industrial growth. He stressed that sustainable economic progress requires policy continuity, enhanced productivity, and a strong focus on export-led growth.
Remittances and Export Imperative
Saigol noted that remittances have crossed the $40 billion mark, but long-term stability can only be achieved through higher exports and reduced reliance on imports. He urged policymakers and the private sector to collaborate for industrial expansion, export diversification, and import substitution. The LCCI, he said, would continue advocating for policies to improve the business environment and enhance export competitiveness.
Key Sector Insights
Panelists at the seminar identified specific sectors with significant export potential. Awais Kamal of Sapphire Textile Mills pointed out that the textile sector contributes 60% of Pakistan's exports and must focus on innovation and alignment with international market requirements to maintain its competitive edge.
IT Exports Growth
Vice Chairman of P@SHA, Raheel Iqbal, revealed that IT exports have reached approximately $3.8 billion, growing at an annual rate of 20%. He projected that with supportive policies, IT exports could reach $10 to $15 billion within five to ten years.
Rice Export Opportunities
Amata Gondal of Reem Rice Mills discussed the opportunities and challenges facing Pakistan's rice export sector, emphasizing the need for value addition and market diversification to tap into global demand.
Call for Policy Continuity
Saigol reiterated that sustainable progress hinges on consistent policies and a collective effort from all stakeholders. The LCCI remains committed to advocating for a business-friendly environment that fosters export growth and reduces dependency on imports.
