Prime Minister Shehbaz Sharif has instructed the authorities to increase Pakistan’s exports to 60 billion to be achieved over the next 3 years. He also instructed the FBI to ensure that foreign exporters meet the deadlines in a National Export Development Board, NEDB, meeting. He emphasized the commercial ministry and other relevant ministry departments to reach this target and deliver a report within two weeks.
Shahbaz also addressed exports exceeded 30 billion last fiscal year and IT exports reached about $3.2 billion. He also praised the business community efforts. He also gave directions that the commercial ministry should finalize policy proposals with export sector representatives and ask the food security ministry to improve agriculture exports by making improvements in the expansion services in collaboration with provinces.
The main mission of this is to bolster the country’s economic growth by improving its export capacity. The initiative includes diversifying export products, exploring new international markets, and improving quality standards.
By achieving this target, Pakistan hopes to strengthen its economy it will reduce the trade deficit, and will create more jobs.
Read more: Pakistan’s regional exports increase 20.61% to $3.655 billion in 10 months
What impact it will create if this great export target of 60 billion is achieved?
If a 60 billion export target is being achieved in 3 years and will result in various benefits for Pakistan.
- Increased exports will lead to increased economic growth.
- It will produce higher revenues and boost business expansion. Business expansion will be promoted.
- Numerous job creation and opportunities will be the result of the growth of export-oriented industries.
- It will reduce unemployment and improve living standards.
- It will catalyze trade balance improvement. If exports are increased, then it will help in reducing the trade deficit. It will stabilize the national economy which leads to improving the foreign exchange reserves.
- Furthermore, if we talk about industrial development, if this export target is achieved, leads to drive industrial development, results in modernization, and increases productivity in various sectors will be seen.
- International market presence, improving export products and diversifying them, which will be helpful for Pakistan to gain a stronger foothold in international markets, which will prove to help enhance the global trade relationships of the country.
- Investment attraction, a robust export performance, which will mesmerize the attention of foreign direct investments. Investors often seek stable and growing markets. So this export target will prove to attract most of the investors. The push to meet export targets can motivate industries to develop new technologies, which will lead to technological advancement and improve production processes, fostering innovation and technological advancement.
- Strengthening SMEs, small and medium-sized enterprises will flourish and will benefit from these export targets contributing to the growth and development.
- Revenue generation, more revenue generation will lead to higher tax revenues for the government, and those tax revenues will be reinvested in the infrastructure, education, and healthcare to improve them.
- Economic diversification will be seen if these export targets are met, which will reduce dependency on a few industries, making the economy more resilient to global market fluctuations.