ISLAMABAD: Pakistan’s commerce minister Syed Naveed Qamar said on Wednesday the country would aim to increase its pharmaceutical exports to $1 billion within the next two years and another $5 billion by 2030, according to an official statement.

Pakistan has experienced a decline in its exports in recent months after commercial banks refused to open letters of credit due to a dollar liquidity crunch triggered by a massive financial crisis faced by the country.

While the International Monetary Fund (IMF) signed a $3 billion bailout deal with the cash-strapped country last month to avert the possibility of default, the economic slowdown has exacerbated the overall production potential of the industrial sector that has also affected the overall exports.

“Pakistan’s objective is to increase pharmaceutical exports to $1 billion by 2025 and $5 billion by 2030,” the statement quoted the minister as saying.

Addressing a ceremony in Islamabad, he added that Pakistan had “immense opportunities for growth” in the global pharmaceutical market which was valued at $1.4 trillion.

Qamar stressed the significance of local production of active pharmaceutical ingredients (APIs) to reduce import dependence, adding it was essential for the public to have access to medicines at affordable prices.

“We will listen to the issues of this industry and find solutions to them,” he said. “Promoting self-reliance in this sector will not only aid the industry’s progress but will also create opportunities for revenue-based growth.”

The minister highlighted that the government was actively working to rationalize and create an enabling regulatory environment in the pharmaceutical sector and encourage stakeholders to seek opportunities for growth, invest in research and development, and strive for excellence.

Last month, Prime Minister Shehbaz Sharif also maintained the country would need to increase its exports to shore up its forex reserves and gradually come out of the economic crisis.