ISLAMABAD: Pakistani exports registered a whopping increase of over 13 percent in February when compared to the corresponding month of the last year as the country received more orders from the international market amid the coronavirus pandemic.
Global stock markets, businesses, manufacturing and production have slowed down since January when the novel coronavirus outbreak was first reported in China’s Wuhan city that has now spread to more than 80 countries and territories.
The virus has killed more than 3,300 people, most of them in mainland China, with more than 95,000 global cases.
The country has registered an increase of 13.82 percent in the exports with a 1.71 percent decrease in imports, bringing down the balance of trade to 14.61 percent in February, according to the Pakistan Bureau of Statistics.
Pakistan’s total exports were recorded at $24.7 billion in the last fiscal year which the government is struggling to double in the next five years to bridge the fiscal deficit, avert balance of payments crisis and boost foreign exchange reserves.
“The recent increase in our exports is mainly attributed to the coronavirus crisis which has slowed down global production, especially in China,” Shahid Sattar, executive-director of the All Pakistan Textile Mills Associations, told Arab News on Thursday.
He said that Pakistani exporters had started getting more orders from different countries after the spread of coronavirus since it decelerated production and manufacturing activities in China, one of the largest exporters to the developed countries.
“We will be able to retain this global market share and increase our exports manifold in the coming months, provided that our exporters maintain the quality of their products,” Sattar said.
Pakistan has devalued its currency by approximately 32 percent in the last two years and introduced a number of incentives for manufacturers and industrialists in a bid to boost its exports. The country also secured a $6 billion bailout package from the International Monetary Fund (IMF) in May last year, promising to let the currency exchange rate adjust to market conditions.
“The increase in the export figures is a sign that the economy of the country is moving in the right direction,” Abdul Razak Dawood, Adviser to Prime Minister Imran Khan for Commerce, Industry and Investment, said on Thursday.
Economists and experts have, however, urged the government to formulate a long-term export policy to retain the upward trend and increase the country’s access to global markets.
“Until and unless we boost our competitiveness in the global market with respect to Bangladesh, Turkey and Vietnam, we won’t be able to sustain the increase in our exports,” Haroon Sharif, senior economist and former chairman of the Board of Investment, told Arab News.
He said that Pakistan would need to increase its exports to at least $40 billion in the next five years to boost its foreign exchange reserves and strengthen its economy to a level where it can avoid IMF loans.
“It’s a long struggle to boost the exports, and we need to be consistent in our policies to achieve the goal,” Sharif added.
Pakistan’s exports pick up amid coronavirus pandemic
https://arab.news/mqesk
Pakistan’s exports pick up amid coronavirus pandemic
- The country can retain the global market share by providing quality products, say industrialists
- Experts believe Pakistan must adopt consistent policies to boost the exports to $40 billion in five years
Pakistan, Qatar resolve to boost strategic, economic cooperation at Doha talks
- Both countries urge dialogue on Afghanistan amid renewed border tensions between Islamabad and Kabul
- Discussions focus on bilateral trade and investment, energy, defense, manpower and labor and culture
ISLAMABAD: Pakistan and Qatar on Tuesday agreed to deepen their strategic and economic cooperation during high-level talks between Prime Minister Shehbaz Sharif and his Qatari counterpart Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani, Sharif’s office said.
Sharif visited Qatar along with a high-level delegation on the invitation of Qatari emir Sheikh Tamim bin Hamad Al Thani. The Pakistan premier also held meetings with Qatar’s trade and defense minister to discuss cooperation in various domains.
The visit came at a time when Pakistan is seeking closer economic engagement with Gulf partners amid its broader push to stabilize the economy and attract investment, while maintaining security and defense cooperation with key regional states.
During their meeting in Doha, PM Sharif and Qatar’s Sheikh Mohammed discussed bilateral relations and exchanged views on regional and international developments, according to the Pakistan prime minister’s office.
“They reaffirmed the strong brotherly relations between Pakistan and Qatar and expressed satisfaction at the growing momentum in political, economic and institutional ties,” Sharif’s office said.
“Discussions focused on enhancing cooperation in the fields of trade and investment, energy, defense, manpower and labor and culture, with both sides stressing the importance of their task force to accelerate cooperation in all these areas.”
Pakistan and Qatar maintain strong trade and investment ties. In 2022, the office of Qatar’s emir said the Qatar Investment Authority planned to invest $3 billion in Pakistan, targeting sectors including transport, aviation, education, health, media, technology and labor.
Nearly 300,000 Pakistanis live and work in Qatar, according to Pakistan’s foreign office, with many employed in health, education, engineering and public services, as well as construction and transport. The two countries engage through forums such as the Bilateral Political Consultations and the Joint Ministerial Commission.
Sharif and his Qatari counterpart also discussed regional issues, including developments in Gaza and broader Gulf security. PM Sharif appreciated Qatar’s constructive diplomatic efforts to promote dialogue and de-escalate tensions in the region, according to Sharif’s office.
The meeting reaffirmed the shared commitment to further strengthen the strategic partnership between Pakistan and Qatar and to remain in touch on current bilateral, regional and international issues.
DIALOGUE WITH AFGHANISTAN
Earlier, Sharif and Qatar’s Deputy PM Sheikh Saoud Al-Thani discussed the situation in Afghanistan and called for dialogue to support regional stability.
The meeting took place amid renewed tensions after Islamabad carried out airstrikes last week on what it described as Tehreek-e-Taliban Pakistan (TTP) targets inside Afghanistan. Kabul said the strikes killed civilians and vowed to respond to what it called a violation of its sovereignty.
“Regional developments were also discussed, in particular the situation in Iran and Afghanistan,” Sharif’s office said in a statement. “Both sides emphasized the importance of dialogue, de-escalation and collective efforts to promote peace and stability in the region.”
This was the second time in less than six months that Pakistan conducted airstrikes in Afghanistan. The last strikes triggered heavy, weeklong clashes between the neighbors along their border before Qatar and Turkiye mediated a ceasefire between them in Oct. last year.
Separately, Sharif held meetings with Qatar’s State Minister for Trade Dr. Ahmed bin Mohammed Al-Sayed and a delegation of the Qatar Businessmen Association (QBA), highlighting Pakistan’s investment-friendly reforms.
He invited QBA members to explore opportunities in infrastructure, logistics, energy, agriculture, technology and export-oriented manufacturing, his office said.
