Surplus crops of rice and maise would be exported to new destinations, including the African markets, for earning the much-needed foreign exchange, says the chairman of a leading business body. Addressing All Pakistan Chambers Presidents Conference at Rahim Yar Khan Chamber, Shahzad Ali Malik, Chairman United Business Group in the Federation of Pakistan Chambers of Commerce and Industry (FCCI), said Pakistan needs to establish imports substitution industries to narrow down the yawning trade deficit. He said new products must be added to the export basket rather than only relying on textile and surgical products.

According to a press statement received by WealthPK, Malik said new international markets must be explored on priority basis, which would help in stabilising the balance of payments. He said the use of hi-tech hybrid seeds resulted in bumper crops of rice and maise, and its credit goes to the private sector, which utilised new disease-resistant and pest-free varieties to increase yield per acre. He stressed the need for evolving new hi-tech hybrid seeds for other field crops of cotton, wheat and sugarcane to enhance exports and boost Pakistan’s economy.

Malik said Pakistan spends nearly $14 billion in edible oil, oil seeds, cotton and wheat imports annually, which can be brought to zero level if the government focuses on the promotion of the agriculture sector on modern scientific lines taking all stakeholders into confidence. The FPCCI representative said that even if half of the amount spent on the imports of agro-based products is invested in growers, farmers, and peasants in Pakistan, it will not only comfortably meet the food staple needs of the growing population, but surplus can also be exported. About 50 presidents of chambers of commerce and industries across the country participated in the conference and put forth their viable proposals.

Credit: Independent News Pakistan-WealthPk