Karachi: Mian Zahid Hussain, a key business leader in Pakistan, announced that the country’s export sector is doing well, even with high business costs. Speaking to business representatives, he highlighted a 14.4% increase in overall exports in the last two months, with textile exports up by 5%.
He noted significant growth in several areas: IT exports increased by 30%, pharmaceuticals by 29%, and rice exports doubled. Hussain stressed that lowering bank fees and other costs could boost these numbers even more.
He called on the government to pay more attention to sectors like halal food and IT to help increase the country’s income. This, he said, would benefit both the public and businesses. Hussain pointed out that Pakistan has long imported more than twice the value of its exports, which has led to economic problems.
He criticized current trade agreements, stating they have hurt Pakistan’s industries and caused many factories to close. He believes these agreements should be reviewed to support local production and competitiveness.
Despite having rich farmland, Pakistan spends $4 billion a year on imported cooking oil. Hussain compared Pakistan’s export growth to countries like Bangladesh and Vietnam, which have significantly improved their export numbers. He concluded that without major policy changes, Pakistan’s economic issues will continue.
