Pakistan to increase pharmaceutical exports to $1 billion by 2025 – commerce minister

Pharmacists arrange medicines at a pharmacy shop in Peshawar on September 1, 2021. (AFP/File)
Short Url
Updated 12 July 2023
Follow

Pakistan to increase pharmaceutical exports to $1 billion by 2025 – commerce minister

  • Syed Naveed Qamar says the country will aim to increase its pharmaceutical exports to $5 billion by 2030
  • He says the country can benefit from opportunities provided by $1.4 trillion global pharmaceutical market

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.


Pakistanis among 44 migrants rescued by aid ship off Libyan coast

Updated 5 sec ago
Follow

Pakistanis among 44 migrants rescued by aid ship off Libyan coast

  • Survivors rescued after days at sea on unseaworthy boat in international waters
  • Pakistanis have featured in several deadly Mediterranean migrant disasters in recent years

Crew members of the humanitarian rescue ship Ocean Viking evacuated and provided first aid to 44 migrants stranded aboard a merchant vessel in international waters off the Libyan coast, the NGO SOS Mediterranee said on Monday.

The group, originating mainly from Bangladesh, Pakistan and Egypt, had been rescued earlier from an unseaworthy fiberglass boat and later transferred to the merchant ship before the Ocean Viking intervened, according to the organization.

Libya, about 300 kilometers from Italy, remains one of the main departure points in North Africa for migrants attempting the dangerous Mediterranean crossing, despite repeated warnings from humanitarian agencies about abuse, exploitation and high fatality rates along the route.

Migrants often depart Libya after months in detention centers or informal holding sites, boarding overcrowded and unsafe vessels operated by smuggling networks. Delays in rescue frequently leave survivors severely weakened, aid groups say.

“These 44 people, they are mainly from Bangladesh, Pakistan, and Egypt. They departed reportedly from Benghazi (Libya) some five or six days ago. And they are now safe on board the Ocean Viking, recovering,” Francesco Creazzo, spokesperson for SOS Mediterranee, said.

Creazzo said the migrants were found in severe physical distress when evacuated.

“They were exhausted, coughing of dehydration, extremely weak, some couldn’t walk,” he added.

The Ocean Viking, an ambulance ship operated by SOS Mediterranee, regularly conducts search-and-rescue missions in the central Mediterranean, one of the world’s deadliest migration routes. According to international organizations, thousands of people have died or gone missing in the Mediterranean over the past decade while attempting to reach Europe.

The latest rescue comes amid a series of deadly migrant disasters in the Mediterranean in recent years that have involved Pakistani nationals. In June 2023, at least several hundred migrants died when the Adriana, a fishing trawler carrying migrants from Pakistan and other countries, capsized off the coast of Greece in one of the deadliest maritime disasters in the region in a decade.

Earlier incidents have also seen Pakistani migrants perish in shipwrecks off Italy, Tunisia and Libya, highlighting the persistent risks faced by people attempting irregular sea crossings to Europe. Pakistani authorities have repeatedly urged citizens not to undertake the journey, while international agencies warn that smugglers continue to exploit economic hardship and conflict to lure migrants onto unsafe boats.