Irfan Iqbal Sheikh, the newly-elected President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), stated on Sunday that Pakistan has to "connect with Silicon Valley" and that it is critical to employ contemporary technologies to get into new markets for trade diversification.
“Without re-establishing trade ties with emerging markets, including Russia, Central Asian region, Africa, Turkey, South-East Asian Nations (ASEAN) and regional trade integration, the country's economy will not improve,” he said while talking to APP.
He also said that by concentrating on a few key industries, such as information technology, alternative energy, and the halal food industry, Pakistan's exports might exceed their potential.
Currently, 65 percent of the country's commerce is with ten nations, with essentially little trade with regional and friendly countries, he continued.
According to Sheikh, Pakistan's yearly exports in the IT sector might reach $5 billion. He compared that to India, which exports up to $110 billion in the same industry. He stated, "We need to link with Silicon Valley."
The president stated that Pakistan's software companies would need to establish liaison offices in California in order to push for this and join the global commerce in order to boost home exports.
He stated that the government currently has to focus more on the agriculture sector, where the application of modern technologies and techniques in the agricultural sector may enhance production per acre.
Sheikh stated that Pakistan has no major market share in the $1.2 trillion halal food business.
According to him, Pakistan's gems and jewellery trade industries have a $30 billion potential, but it is now untapped owing to a lack of infrastructure.
"We need to focus on alternative energy, which is giving better chances for energy generation in the country," the president stated about alternative energy.
He also mentioned the country's tourist industry, which he claims has the potential to generate billions of dollars in revenue.
Sheikh reaffirmed his intention to establish a research wing that will provide suggestions to the government on how to strengthen the economy and submit government ideas in the next budget.
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