September 08, 2022. Mr. Yasir Ali, Head Regulatory and EODB Core Team of OICCI participated in conference on Conducive Business Environment and Improvement in Exports arranged by Ministry of Planning, Development and Special Initiatives. The conference was chaired by Mr. Ahsan Iqbal, Federal Minister, and was attended by representatives of industries and chambers of commerce.

Ahsan Iqbal shared that out of $2.23 trillion imports of China, Pakistan holds only around $2 billion share. Pakistan needs to make a ‘quantum leap’ to cross $100 billion export threshold in short span of time as that is the only sustainable way to earn foreign exchange and break that balance of payment cycle. To make this happen, Chinese market offers excellent opportunities, tapping those, Pakistani firms can increase their exports. Government desires to remove all possible obstacles in the way of private sector investment and export maximization. The participants of the conference were briefed about the products in which Pakistan has comparative advantage and are also covered in free trade agreements (FTAs). The participants, on their turn, underscored the importance of consistency in policies, political stability, increasing productivity and regulatory reforms to promote industrialization in Pakistan and thus make the country as an export hub. Uninterrupted supply of energy at competitive price is also necessary. Yasir Ali highlighted the issues of over regulation, weak contract enforcement, price control and margin control policies which hinder the growth of competitive markets and complex taxation system which needs to be simplified. He highlighted the work done by OICCI in all these sectors and that the detailed recommendations have already been shared with various stakeholders.

Follow up meeting is expected in next 2 weeks in which ministry requested participants to share their concerns on China – Pakistan trade relations that impede Pakistani companies to export and suggest the sectors and product lines to be added in FTA list.