Qudsia Bano

The Pakistan Business Forum (PBF) has called for formulating a long-term export strategy to ensure economic stability and restore investor confidence. The Forum has emphasized the need for structural reforms, policy consistency, and diversification of export markets, reports WealthPK.

The call comes amid concerns over Pakistan’s trade deficit, currency volatility, and declining foreign direct investment. Officials argued that short-term policy measures have failed to address the fundamental challenges faced by exporters, including high production costs, energy shortages, and inconsistent government policies. They stressed that without a well-defined, long-term export framework, Pakistan risks losing its competitive edge in the global markets.

Dr. Hamid Haroon, a World Bank economist, noted that Pakistan’s reliance on traditional export sectors, such as textiles and agriculture, has made the economy vulnerable to external shocks. He emphasized that a forward-looking export policy should focus on value addition, innovation, and integration into the global supply chains. “We need to move beyond raw material exports and invest in technology-driven manufacturing.

The countries that have successfully expanded their exports have done so by creating industry-specific incentives, ensuring policy stability, and fostering research and development,” he said. Another major hurdle is the uncertainty surrounding exchange rate policies and inconsistent trade regulations. Dr. Ahmed Faraz, an economist at the Pakistan Institute of Development Economics (PIDE), highlighted that frequent changes in import and export duties, along with regulatory bottlenecks, discouraged long-term investment in export-oriented industries.

“For sustainable export growth, Pakistan must streamline trade policies, remove bureaucratic hurdles, and engage in trade agreements that provide a stable market access,” he said. The PBF has urged the government to establish an independent export policy board, comprising representatives from the private sector, economists, and trade experts, to design and oversee long-term export strategies.

The forum also emphasized the need for improved infrastructure, energy security, and financial incentives to make Pakistani exports more competitive. With the global markets becoming increasingly competitive, experts agree that Pakistan must adopt a strategic approach to exports, focusing on diversification and long-term policy planning. Without immediate reforms, the country risks further economic instability, deterring both domestic and foreign investment.

Credit: INP-WealthPk