Vice President of Pakistan Businesses Forum (PBF), Ahmad Jawad said despite being a muslim country, Pakistan’s share in the global Halal trade stands at a mere 0.26% which could be increased with the upgrading of Halal certification and provision of Halal storage facility. As global halal market has been projected to $3.2 trillion by FY 2024 which needs to tapped through timely strategy.
Speaking at seminar, he said unfortunately not even a single Muslim country falls in the list of top 5 global exporters of the Halal products; in this regard country’s industrial sector has to be brought in line with the global competitive trading trends to increase production and exports especially in halal market.
“Our major export sector needs to increase production of commercial goods in line with global competitive markets, the Country’s industry must grow on global competitive trends to boost exports: It possible only through the latest technology, innovation and research and development.
He said that without reestablishing trade ties with emerging global and regional markets, including Russia, Central Asian Region (CARs), Africa, Turkey, South East Asian Nations (ASEAN) and improving regional trade integration, the country’s economy would not improve.
He said that the acquisition of new potential markets for trade diversification, through modern tools, was essential to increase the country’s exports.
He said that by focusing sectors including textile value addition, export in Information Technology (IT), alternative energy, housing, Halal food market, tourism, agriculture, gems and Jewelry and research and development, country’s exports can go beyond their potential and by effective implementation there is no doubt that we may touch $100 bn mark figure.
Ahmad Jawad also told that acquisition of new markets, geographical, regional and trade diversification was essential to take exports to the top.
At present, 65 percent of Pakistan trade is with only 10 countries in which trade volume with regional and friendly countries was very nominal, he said.
He said that at present the Pakistan needed to pay more attention to the agriculture sector, in which the use of modern technology and tools in the agricultural sector can increase the yield per acre.
At present “we need to increase our yield per acre in all major crops including cotton, rice, wheat and maize” he said.
He said that at present, getting good seeds and setting up crop patterns in agriculture was a big challenge and Maize and sugarcane were now replacing cotton, which has affected the major cotton production.
PBF official also viewed that without value addition in the agriculture sector and development of agro-industries, “we would not be able to develop our economy better.”
Similarly Diamer Bhasha Dam, Neelam and Jhelum, Dasu Hydel projects are the best projects for country agriculture sector too.
He further told that the country’s market potential in Gems and Jewelry has a potential of $30 billion but there were inadequate facilities due to which exports in this sector are low.
As country’s Northern Areas, Balochistan and Khyber Pakhtunkhwa were rich in these precious stones, which are in need of modern machinery for valuation and the government should provide timely assistance in this regard.
The PBF VP stated ‘we should also remember without standardisation, it would be difficult to enhance export market share’
