Karachi: Mr. Atif Ikram Sheikh, President FPCCI, has apprised that a large number of foreign visiting diplomats have been briefed on macroeconomy, improving economic indicators, potential sectors of cooperation, trade agreements and trade promotion activities at Federation House, Karachi.
Mr. Atif Ikram Sheikh highlighted that in January 2025, Pakistan recorded a monthly trade deficit of $2.83 billion – which represents an 18 percent year on year rise. Whereas, current account was in deficit by $420 million in January, he added.
FPCCI Chief stated that despite these challenges, the economy as a whole is going in the right direction as key policy rate has come down by 10 percent in less than a year – which shows that the emphasis will be on expansion and growth. This phenomenon creates an enormous demand for imports of the raw materials as well; therefore, we should create trade interdependencies to enhance, diversify and expand our export-basket through aggressive trade promotion by the means of trade diplomacy.
Mr. Atif Ikram Sheikh reiterated his stance that increasing and diversifying exports is the only viable option for Pakistan for a stable economy; current account balance; rupee-dollar parity; sustainable foreign exchange reserves and creating jobs in its labor market.
Mr. Saquib Fayyaz Magoon, SVP FPCCI, maintained that it is very important to activate the existing trade agreements like preferential trade agreements (PTAs); free trade agreements (FTAs) and other economic alliances with various countries and regions. The diplomats of various countries should be taken on board in a meaningful way to facilitate and enable the untapped potential, he added.
SVP FPCCI elaborated that the business, industry and trade community of Pakistan can achieve substantive milestones for Pakistan through economic diplomacy; which otherwise seem to be difficult vis-à-vis political diplomacy. That is how nations and the regions come closer in today’s world through forging interdependencies that result in creation of wealth and prosperity for their respective populations, he added.
Mr. Saquib Fayyaz Magoon informed that FPCCI fully supports government’s Look Africa Initiative – and, he is happy to see African diplomats at the apex body’s head office for the briefing to better understand the strengths of various exports of Pakistan like textiles & garments; leather goods, fruits & vegetables; rice & processed foods; IT & ITeS services; surgical products and sports goods.
Mr. Magoon also noted that FPCCI is in the process of organizing trade delegations to a number of African and ASEAN countries with the help of industrialists and exporters from multiple sectors. We will also welcome counterpart countries to organize single-country exhibitions in coordination with FPCCI and chamber-to-chamber exchange of delegations. Chambers of Commerce & Industries (CCIs) can play a pivotal role in materializing the true benefits of PTAs and FTAs through trade promotion activities, he added.
Mr. Asif Inam, VP FPCCI, briefed on the strengths and challenges of the textile industry that Pakistan has the potential to have mega joint ventures; industrial collaborations; transfer of technology and offer abundant, young labor force for the establishment of new industry. However, he emphasized, the government needs to better manage the cotton crop to curtail cotton import bill – which can be achieved through incentivizing & protecting cotton cultivation; early plantation & harvesting; having multiple cotton production seasons and better crop mapping & research facilities.
