KARACHI: Mian Nasser Hyatt Maggo, President FPCCI, has called for World Bank’s technical assistance in enabling rapid and sustainable growth in the exports of Pakistan. We have a share of a meagre 0.11% in the total global exports despite being fifth largest country in the world in terms of population, he added. The seminar was organized by Policy Advisory Board of FPCCI and was attended by print and electronic media, says a Press release.
Mian Nasser Hyatt Maggo explained that no country in the world can prosper with such a low exports volume as compared to its population; in addition to instigating other foremost economic issues; namely, insufficient Foreign Exchange Reserves (FER), exchange rate volatility and dependence on external debts.
Mohammad Younus Dagha, Chairman Policy Advisory Board, appreciated the analysis presented in the Pakistan Development Update by the World Bank.
He agreed with the view that the export incentives, subsidies and concessionary financing require to be available to all exporters rather than a few sectors; and, that these should be focused towards diversification and value addition. He also agreed that tariffs for raw materials and intermediate goods need to be brought down to make our industries competitive both against imports as well as for exports.
Mohammad Younus Dagha, however, stated that there was a need to revisit Washington Consensus and the accompanying policy prescription of free trade and liberalizing imports through universal tariff reduction. He said that the current global environment of selective market access being given on the basis of regional and political alignment, growing protectionism through tariff and non-tariff measures and the recent trend of inward-looking policy orientation after the disruption of global value chain during COVID-19 need to be factored in the Trade Policy recommendations by the World Bank and IMF.
Gonzalo J. Valero, Senior Economist of World Bank, said that Pakistan needs to diversify its exports; export to new markets; reduce cost of production; enhance border trade and improve regional economic integration.
Gonzalo J. Valero also gave a detailed presentation on a recently released World Bank Report titled “Pakistan Development Update, October 2021” and mentioned that reviving exports is the most significant factor that the government and the private-sector need to address collectively to put Pakistan on a high-growth trajectory. Nevertheless, Pakistan has done fairly well during pandemic-induced economic disruptions as compared to many countries on the back of its implementation of micro & smart lockdowns and resilience of its populace, he added
