KARACHI: Pakistan wants to increase its exports to $50 billion in five years, according to a commerce ministry statement released on Friday, by strengthening its textile sector and arranging a major expo to promote its products.

The country aims to achieve a $100 billion export target in the long term to address its recurrent economic crises. Last year, its export revenue stood at $39.42 billion, marking a 24.94 percent increase from 2021.

The official statement said an inaugural meeting of the country’s Export Advisory Council was chaired by the commerce minister Dr. Gohar Ejaz earlier in the day to discuss how to increase Pakistani exports and make them more competitive.

“Dr. Ejaz highlighted the importance of increasing exports as a means to bolster national income and drive economic development,” the ministry announced. “He stressed that a robust export strategy can potentially alleviate the burden of debt, positioning Pakistan competitively in the global market.”

“As part of the broader agenda, the council also considered proposals to elevate domestic exports to $50 billion within the next five years,” it added.

The minister acknowledged the textile sector had traditionally made the largest contribution to the country’s exports, though he maintained it had still been operating far below its actual potential.

“To address this, the council discussed plans to organize a Textile Expo, a dedicated platform aimed at boosting textile exports,” said the statement.

Ejaz expressed confidence that Pakistan’s textile exports could reach $50 billion through concerted efforts and strategic initiatives, contributing significantly to the country’s overall economic growth.

Pakistan’s textile sector is frequently described as the backbone of its economy and employs 40-45 percent of the total labor force in the country.

The minister envisioned Pakistan’s GDP to rise to $1 trillion dollars, saying it would increase its average per capita income three times.

He also emphasized that Pakistan needed export driven growth to alleviate balance of payments problem.

The commerce ministry informed the new council comprised of prominent figures and would help address pressing challenges faced by Pakistani export sector.