Muhammad Saleem

Boosting exports is a highly effective means to strengthen Pakistan's financial position, and ‘Uraan Pakistan’ program will play a crucial role in realizing this goal.

This is the gist of detailed discussions WealthPK garnered during an interaction with experts. Dr. Javed, a teacher from the National Textile University, Faisalabad, said the textile sector was fetching the much-needed foreign exchange and providing jobs to thousands of people. “For years, we have been sensitizing those at the helm that an export-led growth is the key to battle poverty and unemployment in Pakistan.

It seems the government has now realized the importance of exports; that’s why it has launched the ‘Uraan Pakistan’ program,” he said. “For a couple of months, the rupee has been holding out against the US dollar. It’s essential for any economy to reduce reliance on loans or remittances to avoid difficult times. Currently, we face a significant trade deficit which needs projects like ‘Uraan Pakistan’ to boost exports. We have to cut imports by promoting the local industry,” he added.

By promoting the local industry, the country can trim down the import bill and kick-start domestic business activities. Fixing import-export imbalances requires boosting exports, which will ultimately create jobs, increase GDP, and strengthen industries. He said any government-launched program will not be beneficial without availability of affordable energy. The industry has been struggling for years to secure a smooth supply of affordable energy.

Reliable electricity and gas are essential for industries, but frequent outages disrupt the entire production cycle, he added. Besides, outdated technology and lack of innovation in the textile sector are also hampering growth in exports. High logistics costs are making the matters worse, driving up the prices of goods, leaving them uncompetitive abroad. “Without resolving these structural issues, we would not be able to ensure a sustainable growth,” Dr Javed said.

Nadeem Raza, a textile exporter, told WealthPK that ‘Uraan Pakistan’ will help boost the exports of textile products. This sector has already established global credibility and supported national and local economies for years. “We hope this ambitious project will connect local businesses and entrepreneurs with the global markets. The current economic scenario demands an affordable energy, modern facilities, training, and sound connections between Pakistani producers and international buyers,” he said.

“By taking these steps, the government can directly support exports and generate jobs. Pakistan has countless products which can be promoted internationally. But small artisans or tech startups lack access to global platforms. With the help of programs like Uraan, the government can help bridge this gap,” he added. Bangladesh and Vietnam have struggled a lot to boost exports in order to transform their economies.

Now both the countries are considered as successful economies. The textile sector remains a reliable source of earning for Pakistan, contributing significantly to the total exports. “In view of the fast-changing global scenario, there’s a need to diversify and go beyond textiles. IT services, pharmaceuticals and agricultural products hold the key to earning foreign exchange for Pakistan, and investing in these areas is the need of the hour to expand Pakistan’s export base,” Nadeem added.

Credit: INP-WealthPk