Federal Minister for Food Security Rana Tanveer Hussain on Friday emphasized the urgent need for Pakistan to boost exports and reduce its trade deficit, which currently stands at $50 billion. Speaking to the media in Lahore, the minister highlighted that countries like Singapore, Thailand, and Vietnam have successfully advanced their economies through the services and export sectors.
Rana Tanveer stressed that Pakistani businesses must move beyond complacency, noting that many entrepreneurs remain content with moderate income levels, unlike their international counterparts who continuously seek expansion. He added that during former Prime Minister Nawaz Sharif’s tenure, a free-market economic model was implemented, which continues to influence the country’s economic policies.
Highlighting the challenges in Pakistan’s export sector, the minister revealed that exports have declined by 30 percent, and foreign exchange reserves lag behind countries like India. He praised overseas Pakistanis for their contributions to strengthening the national economy and encouraged research-driven strategies to increase per-acre agricultural productivity.
In a positive development, Rana Tanveer announced that Iran will import 300,000 tons of rice from Pakistan. He also noted that Bangladesh has expressed interest in importing Pakistani rice, signaling new opportunities to expand trade. The minister added that the Prime Minister has set a national export target of one hundred billion rupees, aiming to improve economic stability and reduce the current account deficit.
Boosting exports through innovation, increased production, and stronger trade partnerships, according to Rana Tanveer, is essential for Pakistan to compete globally and achieve sustainable economic growth.
