By: Syed Yousuf Ali
To promote Pakistani exports is a multifaceted challenge that requires a combination of strategic planning, policy initiatives, and actions by both the government and private sector. Commonwealth Entrepreneurs Club (CEC) and Global Entrepreneurs Club (GEC) headed by Mubeen Rafiq is working tirelessly to promote Pakistani exports not only in the Commonwealth countries but for all around the world. Under the umbrella of CEC and GEC they typically engage in activities like organizing trade events, providing networking opportunities, advocating for trade policies, and offering support to Entrepreneurs and Businesses looking to export their products or services to international markets. Mubeen Rafiq believes in developing small and medium enterprises (SMEs) to boost Pakistan’s exports. He believes that products manufactured by SMEs can not only easily find their place in the international market but can also balance Pakistan’s imports and exports. At present, the country is facing a huge trade deficit due to the large gap between its imports and exports. Poor economic policies of the governments in the past, steps were not taken to develop the domestic industries. This is the reason why Pakistan’s exports are continuously decreasing since last decade. Due to the strong value of the dollar against the local currency, the historic increase in the prices of petroleum products, the imposition of utility bills and other taxes, local manufacturers were forced to close their factories. Despite seeing these facts, there was no encouragement of SMEs at the government level. The reality is that economic policy-making has been put in the hands of people who have discouraged SMEs. Currently, Pakistan is facing severe shortage of foreign exchange, the country is running on the aid of the IMF, which mandates policies that result in increased imports and decreased exports, while on the other hand, SMEs facing high taxes and no subsidy is given to them. The surprising thing is that a company like Karachi Electric is being given the highest subsidy among IPPs while this private company is continuously showing losses. In order to save the country from bankruptcy when the reserves of foreign exchange are exhausted, it is time for the government to develop the SMEs sector with the support of organizations like CEC and GEC and to earn her own foreign exchange from the export of SMEs products. We have the example of China, which is apparently the strongest financial power in the world, but its exports are based on products manufactured by SMEs. Following China’s footsteps, Pakistan can not only improve its economic condition but also strengthen it, for which it will have to take some important steps initially.Pakistan should diversify its export basket by identifying high-demand products particularly in Commonwealth countries. Conduct market research to understand what products these countries need or have a shortage of and adjust production accordingly. This must be ensured, exported products meet international quality standards and regulations. This often involves improving production processes, adhering to quality control measures, and obtaining relevant certificate. This goal is not possible to get until investment in and upgrade infrastructure, such as ports, roads, and logistics, to facilitate the smooth movement of goods. Efficient infrastructure reduces transportation costs and transit times, making Pakistani exports more competitive. Government should negotiate and enter into trade agreements with Commonwealth countries to reduce tariffs and trade barriers. These agreements can provide preferential treatment for Pakistani goods. These are the ways to increase our national income by extend our exports particularly products manufactured by SMEs.
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