Leaders of the Lahore Chamber of Commerce and Industry (LCCI) have expressed concern over the rising trade deficit and the growing trend of companies relocating from Pakistan.
LCCI President Faheem Ur Rehman Saigol pointed out that trade deficit reached $9.37 billion in the first half of the current fiscal year. “This deficit shows a 34 per cent increase compared to the previous year.”
Saigol was addressing a dinner reception for honorary consuls from different countries on Wednesday. A statement issued by the LCCI quoted him expressing concerns.
As per statement, he urged the government to introduce new products, expand market outreach. And develop rare earth minerals to improve Pakistan’s export performance.
Honorary consuls from Portugal, Australia, Bosnia & Herzegovina, China, Greece, Hungary, Kenya attended. They included consuls from Kosovo, Malta, Mauritius, Spain, Tunisia. And Uzbekistan, Kyrgyz Republic, Kazakhstan, Mexico and Russia.
“Economic diplomacy could play a key role in increasing access of Pakistan’s products to international markets.” He acknowledged the diplomats as the true face of Pakistan in promoting trade linkages and private-sector cooperation.
Saigol highlighted the need to diversify exports and access new markets. He noted that the government has prioritised high-potential sectors including agriculture, information technology, tourism, and mining. “With nearly 65 per cent of the population below the age of 30, Pakistan holds a strong competitive advantage in human resources. The government could strengthen this resource through skill development and utilisation in global value chains.”
SAARC Vice-President:
Vice President SAARC Chamber of Commerce and Former LCCI President, Mian Anjum Nisar also spoke. He said that bilateral trade, tourism, and technical cooperation enhancement essential for Pakistan’s economic improvement.
He requested the Consuls to share business information and trade opportunities of their respective countries with the LCCI. “We need your inputs so that Pakistani products can gain access to new markets.”
Nisar said that companies are moving out of Pakistan. The government must understand the realities and improve the investment climate.
“We must keep pace with the world. The exchange of information and technology is crucial to lay a stronger foundation for the national economy.
Portugal Consul:
The Honorary Consul of Portugal, Iftikhar Firoz, said that Pakistan enjoys a favourable trade balance with the European Union. Exports to EU stand at around $11 billion compared to $3.9 billion dollars imports. He stressed that, despite the EU’s GSP Plus status for Pakistan being renewed, there is still significant room to increase Pakistan’s export share in European markets.
Firoz highlighted the need to diversify Pakistan’s export portfolio beyond textiles. He called for a stronger focus on labour-intensive industries such as footwear, leather, and sports goods to generate more employment.
“Pakistan should learn from Bangladesh’s successful garment sector. The country should enhance output in promising sectors like information technology.” He appreciated LCCI for organising a productive event aimed at strengthening bilateral business cooperation.
