GlobalVillageSpace
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Over the last few decades, a successful economic development model for developing countries has hinged on promoting exports by leveraging their unique competitive advantage. After Japan’s economic miracle, China, Vietnam and now Bangladesh have made impressive strides in global export markets to benefit from continuous technological upgradation, upskilling of manpower and foreign direct investments in the country.
Historically, Pakistan has failed to achieve sustainable growth due to weak tax collections, low investment in the economy and sluggish exports. Latest figures of the Ministry of Commerce show that the country’s trade deficit widened by 32.9 percent, or $ 7.6 billion, in the outgoing fiscal year (FY21) due to lower export proceeds and wheat and sugar imports.
The burgeoning deficit is expected to pose significant challenges for the government in managing the foreign exchange reserves and external liabilities.Nonetheless, the government’s Vision 2025 seeks to elevate Pakistan’s position from a lower middle income to an upper-middle income country by pursuing an ambitious, export-led growth strategy.
The Vision aims for an increase in exports from the current $ 25 billion to $ 150 billion by 2025 through diversification of both the products and export destinations. There is a need to recognize that locally manufactured urea has the potential to become one of the top exports of Pakistan without any additional investments by the industry.
Read full article: Urea exports: Massive opportunity for the economy of Pakistan
Over the last few decades, a successful economic development model for developing countries has hinged on promoting exports by leveraging their unique competitive advantage. After Japan’s economic miracle, China, Vietnam and now Bangladesh have made impressive strides in global export markets to benefit from continuous technological upgradation, upskilling of manpower and foreign direct investments in the country.
Historically, Pakistan has failed to achieve sustainable growth due to weak tax collections, low investment in the economy and sluggish exports. Latest figures of the Ministry of Commerce show that the country’s trade deficit widened by 32.9 percent, or $ 7.6 billion, in the outgoing fiscal year (FY21) due to lower export proceeds and wheat and sugar imports.
The burgeoning deficit is expected to pose significant challenges for the government in managing the foreign exchange reserves and external liabilities.Nonetheless, the government’s Vision 2025 seeks to elevate Pakistan’s position from a lower middle income to an upper-middle income country by pursuing an ambitious, export-led growth strategy.
The Vision aims for an increase in exports from the current $ 25 billion to $ 150 billion by 2025 through diversification of both the products and export destinations. There is a need to recognize that locally manufactured urea has the potential to become one of the top exports of Pakistan without any additional investments by the industry.
Read full article: Urea exports: Massive opportunity for the economy of Pakistan
