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Diversifying Pakistani exports with competitive engineering products good sign: Prof. Zhou

BEIJING : Pakistan has begun to diversify its exports with competitive engineering products and a small number of machinery exports are a good sign, Senior Fellow of Chongyang Institute for Financial Study of Renmin University, Prof. Zhou Rong said on Sunday.

“We have noticed that Pakistan has begun to diversify its exports and a small number of machinery exports is a good sign. Pakistan needs to not only accelerate the localization of machinery and equipment but also develop joint ventures with China, specializing in the production of Pakistan’s advantageous products, “he said in his article published by China Economic Net (CEN).

While appreciating Advisor to the Prime Minister on Commerce, Abdul Razak Dawood recent statement that that Pakistan is rapidly diversifying its exports into high quality and globally competitive engineering products, he stressed that Pakistan is going to achieve diversification of its export in products other than the traditional ones.

He said it is very encouraging that Pakistan begins its promotion of exports in new sectors, particularly the engineering and pharmaceuticals sectors; and also Pakistan is trying to reduce its reliance on five traditional export sectors (textile, leather, carpet, medical equipment and sports products).

All those sectors have been supported in the Pakistani federal Budget of 2020-21 with reduction of import duties on raw materials and tariff rationalization.

He said the incumbent government endeavours to increase the country’s exports in the next five years by giving incentives to exporters. It is said that Pakistan’s engineering industry, especially home appliances, has begun to produce internationally competitive quality products. Microwave ovens manufactured in Pakistan under the brand name Dawlance, a Turkish company have been exported to other countries and been recognized for the first time.

With the support of the Pakistani government, other engineering products will soon follow suit and get exported to the region. In this regard, duties on components of televisions have been reduced to promote local manufacturing of television sets.

The outcome of the first-ever Mobile Phone Manufacturing Policy recently announced by the Pakistani government would soon become visible in the coming months to stimulate the export of local manufactured mobile devices. The trend to encourage exports is very cheering.

About lockdown policy to control and prevent Covid-19 outbreak in Pakistan, he said, right now, the government of Pakistan is following a consistent policy to boost the national economy and contain the epidemic of coronavirus. And the policy of smart lockdown has been acknowledged by its people and the world as well.