Asad Umar calls export-led growth vital for economy

export led growth

On Thursday, the meeting of the members of the Pakistan Textile Exporters Association (PTEA) at Federal Minister for Planning, Development, Reforms and Special Initiatives Asad Umar’s head office held in Faisalabad where he said that the incumbent government was making all-out efforts to increase the country’s exports as the export-led growth is the only way to set Pakistan on right path.

He said, “Our real target is to achieve sustainable growth in exports, as it is the only recipe to cope with the economic miseries of Pakistan.”

Read more: Industrialization, exports key to economic growth: PM Imran

The minister assured the exporters he would talk to the finance ministry and the State Bank of Pakistan (SBP) regarding the insufficient allocation of export re-finance which is essential for export led growth. “I assure you that I will soon take up the issue of insufficient allocation of export re-finance with the finance ministry and the SBP,” he said.

After that, he congratulated exporters on achieving the highest ever 18.28 percent surge in exports in the 2020-21 fiscal year despite the adverse impact of the Covid-19 pandemic.

Federal Minister further said the major reason behind shrunk economies was mainly due to Covid-19, but Pakistan showed an outstanding performance in increasing the exports, while the competing regional economies of India and Bangla­desh remained in the negative zone.

“All credit goes to our valued exporters who performed extre­mely well even in challenging times of the pandemic,” he added.

He highlighted the need to focus on diversifying and promoting small and medium enterprises, and expressed hope that these two segments would lead Pakistan towards economic heights.

Moreover, PTEA chief Khurram Mukhtar commended the government’s policies that he believed helped boost exports. “Despite strict fiscal constraints, timely and appropriate policy measures taken by the government resulted in a V-Shaped economic recovery.”

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