Pakistan is recognizing severe economic conditions the country is still struggling with the basics of economic affluence. Pakistan’s exports have fallen largely and the imports have risen. It instigated a trade deficit that is causing many problems including the increase in price. The bad condition of Pakistan’s economy is considerably due to its falling exports.
The backbone of any economy is based on exports where domestic consumption is low, the basic mode of amplifying the growth rate of a country is interminably its exports. Help earn valuable of foreign exchange is through exports, in this way absolute important for a country like Pakistan, possess to pay its oil and defense purchase bills through foreign exchange. Dropping exports would mean an objectionable balance of payments which would put pressure on the exchange rate generating the rupee to lessen which would increase again the bill of imports creating a ferocious cycle from which a country has to fundamentally preserve.
The exports of practically all the countries in South Asia are rising. The case is opposite unfortunately with Pakistan.
In view of the importance of the exports of a country, the condition of the country’s export sector is atrocious as compared to its neighbors. Pakistan is struggling with many complications related to export growth and matters that are hamstringing its development.
Pakistan’s export base is centralized and the technological content is also lower in the exports, though, technological exports globally are continental rise, and avant-garde they elucidate for more than 50% of international trade. Pakistan’s condition is abysmal. Contemporary, in dog-eat-dog’s world, fast attracting the market has terminated the adoption of the latest technologies.
The Pakistan is an agricultural country and agro-products build a main share of its exports. But , it has not outstretched to its capability traceable to lack of agro-based exports. Pakistan produces rice and wheat and other agricultural commodities including fruits, but , the deficiency of bona fide management and the use of elementary storage techniques are hurting the export embryonic. Same goes to fish, meat and other such things.
The road condition of Pakistan has improved in recent years but still, there is plenty of work to do. The condition of the roads in Pakistan is poor and that influences the time needed to verbarrive the market and causes depreciation to the vehicles. The rail system is not well-organized , it is demonstrating to be a main export barrier in Pakistan.
Pakistan is the world’s fifth-most largest country by population. The labor force in Pakistan is in immense numbers, besides, the lack of skilled labor is a major stumbling block in the service of such an immense labor force. The skills de rigueur are changing swiftly.
Pakistan’s legal system is distorted with high prosecution costs, multiplex policies and lengthy setbacks. Legal system is at a loss to dispense effective contract application that is necessary for the business’s trusts. In view of, micro business , mom-and-pop business and enterprise favour to contract only with trusted parties and that leads to sloppiness in the market like sectionalization. It takes many days for cases to be solved due to the inefficiency and ineffectiveness of Pakistan’s justice system.
A Russian returned, Pakistani origin scientist, Professor, MD, PhD in pharmacy and technology of medicine Dr. Jan Alam claimed to invent a mineral-based medicine, which is a complete treatment of Corona disease or covid, this medicine is based on nanotechnology, Minerolytevir is a 5th generation medicine and has been registered by the DRAP (Drug Regulation Authority Of Pakistan). The medicine has no side effects and it has been used by thousands of covid patients in Pakistan and Russia during previous months, it is completely safe for human beings and can even be used by a new born baby, numerous patients who had used Dr. Jan Alam’s medicine had been cured successfully recovered from infections within 10 days. He is the first scientist in the world to have invented a medicine for the treatment of covid
” A patient diagnosed with COVID-19 can be cured within 10 days by using this medicine. Patients on ventilator support can be saved by using it through nebulisation. Just one mist of spray on the face and other body parts saves a person for 3-4 hours in these crucial days of the pandemic, ” it was a claimed by Dr. Jan Alam, he also invented 20 medicines including for the cancer treatment also and he has been given top national awards by the Russian government for his services and inventions in medicine field, Dr. Jan Alam won the award for the best scientist in pharmacology in Geneva in 2018, in Paris 2019 and in Paris again for his Minerolytevir in 2020.
I request through my article to the higher authorities and government that kindly introduce Dr. Jan Alam’s medicine in government hospitals to save lives and this medicine should be exported for the ameliorate of pakistan’s progress.
Pakistan should draw up strategies to decrease dependence on customary exports ,there exigences a stint in the composition of its exports that means promoting exports of high/ medium technology products whose contribution in the international trade is rising.
Presently, major export destinations for Pakistan are the United States, China, Germany, the United Kingdom, and Afghanistan. These markets are larger but Pakistan can take advantage of developing dynamic world markets like Central African Republics, South America, and Russia. Pakistan enjoys great importance in the community of nations because of its geographical location and it can enlarge its trade ties with the neighbouring states.
Contemporary, rivalrous work markets need skilled labor force that can modify to the leading edges. The engineers , designers, planners ,builders, architectures,producers and executive, organizers or managers should be trained in a way to manage complex production processes. Furthermore, advanced marketing skills are also compulsory to market the product design. It can be attained by investing in public education whereas recount technical and general education in them along with a subject or chapter which refers to export. It would be fanute if an international certification system is imposed.
The value of research cannot be unheeded in the present hyper-competitive world. Mainly, in high technology products, the urge for research and development is to a greater scope. It will create the government better apropos production up-gradation and opportunities that arise from developing technological export base. The links between research institutions and the firms should be firmed and stabled.
Pakistan’s rail system is futile and in view of multiple businesses covet road transportation that has also many complications. The particular emphasis should be paid to the business through rail by devising systematic rail services. Likewise, the air service must be better as many products require Air systems methodical.
The products related to agriculture adjure special emphasis and Pakistan can do so by ameliorating the existing framework. Accompanied by improvement in quality testing, storage facilities and improving packing Pakistan can bolster its agro-based exports leading to expanded revenue targets.
The procedure for interpreting and enforcing the law system of Pakistan requires all-inclusive melioration, the assignation of judges should come about after the assessment of their grip and grasp about the topics concerning businesses like government revenue, government income revenue, internal revenue income tax revenue. It is head and shoulders above if there are systems for adjudication between the parties to disputes.
Spasmodically, the taxing system of Pakistan becomes perplexing that couples with illogical taxing schemes and demonstrate to be a major parapet in success. The system of taxing should be refined by clear and efficient policies. Also, there should be a proper tax refund system.
Whether, Pakistan government duty-free the ports, Pakistan’s export rose within a day. Originate, multitude factors where the government should focus on such as building industry in Pakistan and more etc.
The main key of enhancing exports is to support entrepreneurship and to create a new course of actions for development by leading the youth. Entrepreneurship generates a ferocious cycle of prosperity as the people not only get employed themselves and generate value for the society and the economy but they also bolster employment junctures. The performance of the US economy has only been viable by encouraging the culture of entrepreneurship which requires taking perils for new projects and not founding atychiphobia.
The founder of the Chinese e-commerce giant Alibaba, Jack Ma ,once said: “You are poor because you cannot overcome your cowardice”.
Pakistan’s current export base is mostly limited to basic commodities which include textiles, leather, cotton and other basics etc. Pakistan shall make a transition from these exports to more valuable added items in the global value supply chain. It will obtain two advantages. The transfer of technology, which is fundamentally a fence in Pakistan for intensify exports. Along with that, the emboldenment of local entrepreneurs to build these high tech devices themselves as well is the second advantage.
We should be compelled to identify other export junctures from Pakistan and notify the investors and the public about them so that inhabitants can take part in the cardinal virtues procedure. The significant effort is entailed in finding the relevant companies and marketing them for export in which the government can help by notifying and instructing the exporters and youth who are ambitious and keen about becoming entrepreneurs.
For enhancing exports the main feature is to focus and pivot on the services sector along with manufacturing. The services sector is now contributing eminently to Pakistan’s GDP and the cumulative global trade. The global outsourcing industry, IT, telecom and the tourism sector all comprise the service sector. Pakistan’s human resources, personnel, working classes or employees or staff are also skilled and Pakistan’s workforce can become a big cheese in the global outsourcing industry if given proper attention by the government. Pakistan also has an ample potential in tourism for the beau sabreur and history lovers,traditionalists or paleophile. We have got some awe-inspiring topography, palatable savory food, and a breathtaking cultural history, civilization and traditions for the globetrotters.
Pakistani government lay hold of a generous view for export promotion offering only the government backed loans like the youth loan scheme or offering just the policy incentives for export furtherance. It is compelled to a holistic view of the situation and should adopt a rather activist and economical approach towards export furtherance and ought to make a multidimensional strategy towards the export furtherance. The first way should be the instantaneous supply of cheap energy to the production. The second way should be to build International alliances with technical universities and to build industry academia linkages to build high tech R&D based products and innovation. The third way should be to not only give the loans to the youth but to imbue, train, instruct and educate the youth about the new methods and export possibilities. The government ought to encourage project capital outside the IT industry as well particularly in the export part and to focus on the services sectors export. Currently , Pakistan is the third largest country in freelancing IT export services to the world but we need to transition from the services based model in the IT sector to a product based model where we can build IT products and sell them to the cosmos.
Our country Pakistan needs to ripen a strategy to construct its own hefty construction and it needs to get modern technology to manufacture equipment and machines to decrease the import. Succour , this is to meet the needs of domestic production and businesses. To decrease the import of food and dairy products, the country needs to build a modern dairy industry. It will not only decrease imports but also booming exports. The only way forward to create jobs and to boost exports is industrialization. Production capacity needs to be improved.
