STAFF REPORT ISB: Islamabad Chamber of Commerce and Industry (ICCI) has called upon the government to assist private sector for local manufacturing of high-tech products and diversification of exports in order to enhance the country’s exports and improve the trade balance.
“Private sector is generating more than 80 per cent of economic activities in the country and the government should support it in diversification towards high-tech industry,” said ICCI President Muzzamil Hussain Sabri in a statement.
He said Pakistan was facing trade deficit for the last two decades which showed that the successive governments remained unable to exploit country’s full export potential.
He said Pakistan’s share of world exports remained almost stagnant over the past three decades.
He said the main reason of Pakistan’s poor export performance was the lack of exports diversification with major reliance on low-tech products like textiles, garments and footwear.
He said many countries of this region have achieved impressive export performance by focusing on high-tech products share of which in world trade was on the rise, but share of high-tech products in our exports basket could not move beyond 2 percent since 1980s.
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