JEDDAH, 2 October 2005 — Pakistan yesterday outlined its commitment to improve exports to the Kingdom at a meeting here yesterday.
“Pakistan is pursuing a policy of ‘trade diplomacy’ designed to provide maximum possible export opportunities and moving with international trends to facilitate and intensify efforts for better market access and create a level playing field,” Pakistan Ambassador Abdul Aziz Mirza said at the opening of a Pakistan trade forum and a catalog show at the Jeddah Chamber of Commerce & Industry.
Pakistan’s efforts are now very much focused on the Kingdom. “The bilateral trade balance remains in favor of Saudi Arabia, as Pakistan’s oil imports are far in excess of its exports. Renewed efforts are now being made to increase the country’s exports in a bid to narrow the trade gap,” he said.
“The most crucial thing, however, is that the exporter who is the most important part of this equation, has to reach out and seize the opportunities,” he added.
“It’s also very clear that the past policies of import substitution have been replaced by import liberalization and an export led growth strategy. It’s this strategy that has ensured the growth of the most dynamic emerging economies,” he said.
The event highlights Pakistan’s first “specific week” comprising a three-day catalog show and a forum, which was jointly inaugurated by JCCI President Dr. Ghassan Al-Sulaiman and the ambassador. On display are 10,000 catalogs of products manufactured by Pakistan’s firms. Their products range from textiles and garments to food, leather, pharmaceuticals, sports items, rice, surgical goods, and sanitary ware.
JCCI’s Director of International Trade & Investment Promotion Department Ahmed Bahjat Hijazi, Pakistan government’s Board of Investment Chairman Waseem Haqqie and Private Power & Infrastructure Board Managing Director Zafar Ali Khan, Pakistan Consul General Masood Akhtar, and Pakistan consulate’s Commercial Counselor Hijab Gul and acting Vice Consul (Press) Hasan Masud, were among those present.
The forum’s opening day concentrated on bilateral trade and commerce. There will be a discussion on bilateral investment and Pakistan’s privatization and joint ventures today and on service sector covering education, health, tourism, information technology and National Database and Registration Authority (NADRA), which is entrusted with the establishment of a new registration system for the entire population of Pakistan, tomorrow. Giving an overview of the economic growth since President Pervez Musharraf assumed power in 1999, the ambassador said the country had been making efforts to increase its exports. “We had set a target of $13.7 billion for 2004-2005. We’ve not only achieved the target but surpassed it substantially,” he said.
The annual bilateral trade totals over $2.5 billion, which includes Pakistan’s $2 billion oil import from the Kingdom and its exports totaling around $500 million, which marks a rise from $148 million four years ago. Saudi Arabia is the biggest market in the Gulf and some of Pakistan’s exports sent to European countries are being imported here. “So we thought of establishing a direct contact and send our exports to the Kingdom,” he said.
Pakistan’s total exports at the close of the year totaled $14.41 billion, an increase of 17 percent over last year’s export level. This is the fourth consecutive year of year-on-year growth and achievement of target levels.
According to Haqqie, Pakistan is on the road to steady economic prosperity and has opened up its economic doors to the Kingdom and the rest of the world.
In fact, some overseas companies are active in Pakistan, including a few from the Kingdom, he said.
