LAHORE: The Lahore Chamber of Commerce and Business (LCCI) has urged the federal government to permit 24/7 industrial operations with commonplace working procedures (SOPs) to let the sector develop, fetch export revenues and overcome unemployment problem.
Speaking to a bunch of industrialists on Tuesday, LCCI President Irfan Iqbal Sheikh stated although the coronavirus had shattered economies the world over, the post-corona period would convey alternatives, significantly within the export sector, on an unlimited scale.
“We have to add to our industrial production,” he stated and promised that the trade would go away no loophole in implementing the SOPs and security measures prescribed by the federal government.
He stated permitting round the clock industrial operations can be a clever resolution as the economic sector was the primary sufferer of the coronavirus pandemic. The LCCI president burdened that it was the economic sector that would mitigate the shock to the nationwide economic system attributable to coronavirus, subsequently, the federal government ought to help it.
Whereas calling for a direct technique for the post-Covid-19 state of affairs, Sheikh underlined the necessity for diversifying export markets as about 55% of Pakistan’s exports went to 10 nations. These had been the US, China, the UAE, Afghanistan, the UK, Germany, France, Bangladesh, Italy and Spain.
He stated there was ample potential for growing exports to different world markets the place Pakistan was an under-achiever, resembling South American nations, African nations, Central Asian Republics and Russia, the place the mixed share of Pakistan’s exports was lower than 10% of its complete exports.
“This can be done by organising road shows, single-country exhibitions, sending export-oriented delegations and exchange of information between trade bodies of Pakistan and these countries.”
The LCCI president burdened the necessity for introducing new merchandise and worth addition by means of export-oriented Particular Financial Zones (SEZs) and Export Processing Zones (EPZs) in a bid to seize a bigger share in world commerce.
He asserted that Pakistan additionally needed to make a strategic shift within the composition of exports, which required selling medium and high-technology merchandise.
“Pakistan’s exports are highly concentrated in a few items like textile goods, leather products and rice, which account for about 70% of our total exports.”
He stated EPZs and SEZs must be geared up with the newest amenities like water remedy vegetation, certification labs, one-window facility and strong waste administration. Export targets must also be given to the businesses working in EPZs and SEZs, he added.
Printed in The Specific Tribune, June 10th, 2020.