Lahore: Lahore Chamber of Commerce and Industry (LCCI) President Faheem Ur Rehman Saigol has stressed the need to increase Pakistan’s exports and promote import substitution simultaneously to reduce the trade deficit and strengthen the national economy.
Addressing a seminar on ‘Export Opportunities for Pakistan’ here at LCCI on Thursday, he said, Pakistan possesses immense potential, a resilient workforce and abundant opportunities for industrial and economic growth.
He emphasized that sustainable economic progress requires collective efforts, policy continuity, enhanced productivity, support for core sectors and a strong focus on export-led growth. He also highlighted the importance of learning from successful regional economies, encouraging local manufacturing and utilizing Pakistan’s capabilities to their fullest potential.
The seminar was organized under the convenership of the LCCI Standing Committee on Corporate Relationship and Market Committee. Convener of SC Malik Amer Salam and panelists included Reem Rice Mills CFO Amata Gondal, Sapphire Textile Mills Director (Sales) Awais Kamal and P@SHA Vice Chairman Raheel Iqbal, while Majida Naveed and Zahid Iqbal moderated the session.
LCCI President said that Pakistan’s business community must continue playing its role in overcoming economic challenges and contributing to national development.
He said that while foreign remittances have provided significant support to the economy and crossed the USD 40 billion mark, long-term economic stability can only be achieved through higher exports and reduced reliance on imports. He noted that Pakistan’s growing population presents a large domestic market and immense production potential. He urged policymakers and the private sector to work together for industrial expansion, export diversification and import substitution. He reiterated that Pakistan has the talent, resources and entrepreneurial capacity required to achieve strong economic growth and assured that LCCI would continue to advocate policies aimed at improving the business environment and enhancing the country’s export competitiveness.
Speaking on the occasion, Awais Kamal said that Pakistan’s textile sector, which contributes around 60 percent of the country’s exports, must focus on product innovation, design development and alignment with international market requirements. He emphasized the importance of strengthening supply chains, improving access to quality raw materials, adopting modern technologies and enhancing manufacturing capabilities. He said that many products currently being imported can be manufactured locally, which would help reduce imports and strengthen domestic industry.
Vice Chairman P@SHA Raheel Iqbal highlighted the rapid growth of Pakistan’s IT sector and said that the country’s IT exports have reached approximately USD 3.8 billion, while recent performance indicates the potential for even higher growth. He noted that Pakistan’s IT exports are increasing at an annual rate of around 20 percent and could reach USD 10 to USD 15 billion within the next five to ten years if supportive policies remain in place. He stressed the need for policy continuity, facilitation of multinational technology companies, investment-friendly regulations and greater utilization of locally developed software solutions within Pakistan. He also underlined the importance of skills development, international business linkages and expanding opportunities for Pakistani IT firms in global markets.
Amata Gondal, CFO Reem Rice Mills, discussed the opportunities and challenges facing Pakistan’s rice export sector. She highlighted the significance of rice as an essential export commodity and stressed the need for improving competitiveness, value addition and market diversification to enhance Pakistan’s share in international markets. She emphasized the importance of sharing industry knowledge and working collectively to strengthen the country’s export performance.