ISLAMABAD: Pakistan’s Commerce Minister Jam Kamal said on Monday the South Asian country aimed to boost its rice exports from the existing $4 billion to as much as $7 billion to support its dwindling economy, Pakistan state media reported.
Kamal said this during a meeting with the Rice Exporters Association of Pakistan (REAP) representatives. Rice exports play a vital role in Pakistan’s economy, ranking second in export value after cotton.
Pakistan is trying to navigate a prolonged economic crisis by actively pursuing foreign investments and enhanced trade opportunities, while it has also reached a staff-level agreement with the International Monetary Fund (IMF) for a $7 billion loan.
The South Asian holds 25 percent of the European rice export market, compared to India’s 16 percent, and there is a need for collaboration between the government and exporters to maintain this competitive edge, according to the commerce minister.
“Rice exports play a vital role in Pakistan’s economy, ranking second in export value after cotton,” Kamal was quoted as saying by the state-run APP news agency. “Rice exporters are a primary source of revenue and employment, with the government aiming to increase exports from $4 billion to $6-7 billion in the near future.”
Pakistan exported rice worth $3.9 billion this year as compared to $2.15 billion last year. It has also withdrawn the minimum export price for all rice varieties to compete with Indian exporters in the global market.
India has been the largest exporter of rice worldwide, followed by Pakistan, Thailand and Vietnam. The South Asian arch-rivals are also the only countries that produce basmati rice which is famous for its unique flavour and aroma around the globe.
“We are focusing on improving our standards to meet international food safety requirements, especially in Europe,” Kamal said.
Increasing rice exports to Malaysia were also part of the discussions held during a recent visit by Malaysian Prime Minister Anwar Ibrahim, who will host a business delegation led by Kamal in November to explore new opportunities.
REAP Chairman Malik Faisal Jahangir said Pakistan’s rice exports faced fewer regulatory challenges with only 74 rapid alerts for pesticides issued last year compared to 264 for India, according to the APP report.
He said Pakistan remained one of the “lowest-risk countries” concerning food safety standards.
Stressing the need to educate farmers to improve quality of rice production, Kamal called for a joint effort by all stakeholders to develop a five-year strategy to enhance the country’s rice export capacity and international standards compliance.
He urged REAP to give proposals on how to meet the government’s export targets within the next year, keeping in mind the “stringent” food safety standards in the European Union.
Pakistan eyes up to $7 billion rice exports to support dwindling economy
https://arab.news/v4qnz
Pakistan eyes up to $7 billion rice exports to support dwindling economy
- While India has been the largest exporter of rice worldwide, Pakistan holds 25 percent of the European rice export market
- Commerce Minister Jam Kamal stresses need for collaboration between government, exporters to maintain this edge
Pakistan terms climate change, demographic pressures as ‘pressing existential risks’
- Pakistan has suffered frequent climate change-induced disasters, including floods this year that killed over 1,000
- Pakistan finmin highlights stabilization measures at Doha Forum, discusses economic cooperation with Qatar
ISLAMABAD: Pakistan’s Finance Minister Muhammad Aurangzeb on Saturday described climate change and demographic pressures as “pressing existential risks” facing the country, calling for urgent climate financing.
The finance minister was speaking as a member of a high-level panel at the 23rd edition of the Doha Forum, which is being held from Dec. 6–7 in the Qatari capital. Aurangzeb was invited as a speaker on the discussion titled: ‘Global Trade Tensions: Economic Impact and Policy Responses in MENA.’
“He reaffirmed that while Pakistan remained vigilant in the face of geopolitical uncertainty, the more pressing existential risks were climate change and demographic pressures,” the Finance Division said.
Pakistan has suffered repeated climate disasters in recent years, most notably the 2022 super-floods that submerged one-third of the country, displaced millions and caused an estimated $30 billion in losses.
This year’s floods killed over 1,000 people and caused at least $2.9 billion in damages to agriculture and infrastructure. Scientists say Pakistan remains among the world’s most climate-vulnerable nations despite contributing less than 1 percent of global greenhouse-gas emissions.
Aurangzeb has previously said climate change and Pakistan’s fast-rising population are the only two factors that can hinder the South Asian country’s efforts to become a $3 trillion economy in the future.
The finance minister noted that this year’s floods in Pakistan had shaved at least 0.5 percent off GDP growth, calling for urgent climate financing and investment in resilient infrastructure.
When asked about Pakistan’s fiscal resilience and capability to absorb external shocks, Aurangzeb said Islamabad had rebuilt fiscal buffers. He pointed out that both the primary fiscal balance and current account had returned to surplus, supported significantly by strong remittance inflows of $18–20 billion annually from the Middle East and North Africa (MENA) and Gulf Cooperation Council (GCC) regions.
Separately, Aurangzeb met his Qatari counterpart Ali Bin Ahmed Al Kuwari to discuss bilateral cooperation.
“Both sides reaffirmed their commitment to strengthening economic ties, particularly by maximizing opportunities created through the newly concluded GCC–Pakistan Free Trade Agreement, expanding trade flows, and deepening energy cooperation, including long-term LNG collaboration,” the finance ministry said.
The two also discussed collaboration on digital infrastructure, skills development and regulatory reform. They agreed to establish structured mechanisms to continue joint work in trade diversification, technology, climate resilience, and investment facilitation, the finance ministry said.
