Businesspeople urged to enhance global market share

Federal Minister for Information and Broadcasting, Senator Pervaiz Rashid, has said that competence, technology and innovation are the prerequisites to penetrate the global market; therefore, businessmen should focus on product development to enhance their market share.

The Federal Minster was speaking at the launch of Export Guide here at the Lahore Chamber of Commerce and Industry. He said, “I usually avoid going to book launching ceremonies but the topic of promoting exports is close to my heart.”

He conceded that Pakistan’s share in global exports is nominal. He said Pakistani entrepreneurs should take this as challenge and go all-out for exports. “They have learnt a lot through experience,” he said adding that they have proved themselves creditable suppliers that honour their commitment on timely delivery and quality. “We have unlimited opportunities as we have nominal share in global trade while the potential is enormous.

He urged the businessmen to benefit from the services of overseas Pakistanis who could facilitate them in grabbing market where they live as immigrants.

Rashid said the present government is convinced that private sector is much more efficient than the bureaucracy and it is taking them on board in all economic related fields. He said private sector has played an important role in lowering resistance to regional trade.

The minister said present government is making all-out efforts for peace both inside the country and at borders to provide hassle free environment for trade.

He said regional trade would benefit the economy of all regional economies. We have come a long way as far a trade and manufacturing is concerned in Pakistan.

Rashid said that global trade now is borderless. Tradable goods pass seamlessly through border under the globally accepted principles of free market economy. He said now Pakistani products compete with imported goods in the domestic market as well challenge the foreign producers in their home markets. The trade, he added, is done on the basis of quality and price.

Regarding increase in petroleum product prices, the minister pointed out that the prices are linked to global petroleum rates and government has not imposed any new taxes on these products.

Regarding high electricity tariff for the industry, the senator said that industries were producing more expensive electricity from furnace oil and diesel. He said even after increase in tariff the electricity rates are much lower than their internal power production.

He said power crisis would subside with passage of time. The tariffs would be rationalized after 6600 MW coal fired power plants are installed in three years, he added.

He said operation in Karachi has been initiated by taking the opposing forces into confidence. He said credit must be given to the present government for taking Sindh government of PPP fully onboard in this operation.

Speaking on the occasion, the LCCI President Farooq Iftikhar said that the private sector was in dire need of hand-holding by the government in its efforts aimed at increasing exports. He said that the Lahore Chamber of Commerce and Industry was taking all out measure to promote economic activities in the country.

The Vice President Mian Abuzar Shad sought the minister’s help against undue harassment to the business community.

Earlier, the author of the book Ishtiaq Hussain threw light on the objective to select the topic of the book and said that he wanted to disseminate awareness to the masses about the benefits of starting export business.