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The Pakistan Business Forum (PBF) has addressed a letter to Prime Minister Shehbaz Sharif, urging the development of a comprehensive long-term export strategy to support Pakistan’s economic growth. PBF President Khawaja Mehboobur Rehman highlighted the need for policy consistency and parliamentary endorsement to ensure stability and foster confidence among businesses, investors, and trade partners.
Need for Policy Consistency
The PBF stresses that a long-term strategy is crucial for continuity beyond election cycles. Such a strategy should be endorsed by parliament to provide a unified commitment to export-led growth. This would enhance stability and encourage collaboration among the government, industry, and stakeholders.
Proposed 12-Point Strategy
The PBF outlined a 12-point strategy focusing on identifying high-potential sectors, improving trade facilitation, enhancing competitiveness through incentives, and strengthening trade agreements. They also emphasized the need for accountability in the distribution of export incentives.
Recommendations for Energy Costs and Trade Disputes
The letter advocates for providing globally competitive energy costs for exporters to broaden the export basket. It also suggests implementing rebates on energy costs for exported quantities. Additionally, the PBF calls for better functioning of the Trade Dispute Resolution Organisation (TDRO), which has been ineffective in assisting exporters and importers with international trade disputes.
Conclusion
The PBF’s letter underscores the importance of a stable, long-term export strategy to drive growth and improve competitiveness. A consistent approach supported by parliamentary approval is essential for building investor confidence and fostering economic development.
