ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday directed the Ministry of Commerce to formulate and present its strategy to double national exports in the next five years after consulting relevant stakeholders and entrepreneurs to deal with the mounting economic and financial challenges facing the country.
The prime minister issued to instruction at a high-level meeting on the development of the export sector at a time when Pakistan’s economy is dealing with pressing financial constraints and striving for sustainable growth.
The government’s effort to bolster the economy aims to increase foreign exchange earnings and reduce the trade deficit to address the urgent need for economic rejuvenation and stability.
“The prime minister instructed to facilitate exporters in the e-commerce sector, who manufacture their products in Pakistan and export them worldwide,” said a statement issued by his office. “He instructed the commerce ministry to immediately resolve the issues of exporters of the Made in Pakistan brand.”
The prime minister also instructed to involve stakeholders in the information technology, home appliances, textiles and other sectors to boost their exports.
Suggestions for the development of the export sector in Pakistan were presented at the meeting.
Pakistan has been particularly focusing on the IT sector to increase its exports.
According to official figures released today the country’s IT export remittances shot up by $257 million, or 14.9 percent, to $1.98 billion between July 2023 to February 2024 in comparison to $1.72 billion reported during the corresponding period last year.
PM Sharif sets goal to double Pakistan’s exports in five years amid economic challenges
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PM Sharif sets goal to double Pakistan’s exports in five years amid economic challenges
- The prime minister asks the authorities to facilitate exporters in the country’s e-commerce sector
- Pakistan’s IT export remittances shot up by 14.9 percent to $1.98 billion between July 2023 to February 2024
Pakistan defense minister discusses regional, global developments with counterparts in Munich
- The high-powered meeting of government leaders, diplomats comes shortly before Russia’s war on Ukraine enters its fifth gruelling year
- Bruised by President Donald Trump’s comments, European leaders at summit have pledged to shoulder more of the burden of shared defenses
ISLAMABAD: Pakistan’s Defense Minister Khawaja Asif on Friday met his Italian and Albanian counterparts to discuss bilateral cooperation and regional and global developments on the sidelines of the Munich Security Conference, the Pakistani embassy in Germany said.
The high-powered Munich meeting of government leaders, diplomats, defense and intelligence chiefs comes shortly before Russia’s full-scale war on Ukraine is set to enter its fifth gruelling year.
Bruised by President Donald Trump’s designs on Greenland and his often hostile comments about America’s traditional bedrock allies, European leaders at the conference have pledged to shoulder more of the burden of shared defenses.
Asif met his Italian counterpart Guido Crosetto during the conference, running from Feb. 13 till Feb. 15, with both sides agreeing to enhance bilateral ties, according to the Pakistani embassy.
“Asif met the Defense Minister of Republic of Albania, Mr. Pirro Vengu, on the sidelines of the 62nd Munich Security Conference,” the Pakistani embassy said on X.
“Discussed matters related to enhancing bilateral cooperation in the wake of recent regional and international developments.”
The development came as US Secretary of State Marco Rubio was set to address European leaders on Saturday as they try to step up their autonomy in defense while salvaging transatlantic ties badly strained under President Trump.
German Chancellor Friedrich Merz acknowledged a “rift” had opened up between Europe and the United States, fueled by culture wars, but issued an appeal to Washington: “Let’s repair and revive transatlantic trust together.”
“In the era of great power rivalry, even the United States will not be powerful enough to go it alone,” said the conservative leader, who has ramped up defense spending in the top EU economy.
Macron said a new framework was needed to deal with “an aggressive Russia” once the fighting in Ukraine ends.
Ukrainian President Volodymyr Zelensky, who has been in Munich since Friday and meeting multiple allies, was expected to address the meeting on Saturday. No Russian officials have been invited.
Kremlin critic Mikhail Khodorkovsky said he feared “a new cold war” between Europe and Russia in the coming decade, making reopening dialogue with Moscow essential.
“If it makes sense to talk, we are willing to talk,” said Merz, but he also charged that “Russia is not yet willing to talk seriously.”
