Daily Times

Prime Minister Shehbaz Sharif on Tuesday directed the Ministry of Commerce to formulate and present its strategy to double national exports in the next five years after consulting relevant stakeholders and entrepreneurs to deal with the mounting economic and financial challenges facing the country.

The prime minister issued to instruction at a high-level meeting on the development of the export sector at a time when Pakistan’s economy is dealing with pressing financial constraints and striving for sustainable growth. The government’s effort to bolster the economy aims to increase foreign exchange earnings and reduce the trade deficit to address the urgent need for economic rejuvenation and stability.

“The prime minister instructed to facilitate exporters in the e-commerce sector, who manufacture their products in Pakistan and export them worldwide,” said a statement issued by his office. “He instructed the commerce ministry to immediately resolve the issues of exporters of the Made in Pakistan brand.”

The prime minister also instructed to involve stakeholders in the information technology, home appliances, textiles and other sectors to boost their exports. Suggestions for the development of the export sector in Pakistan were presented at the meeting. Pakistan has been particularly focusing on the IT sector to increase its exports.

According to official figures released today the country’s IT export remittances shot up by $257 million, or 14.9 percent, to $1.98 billion between July 2023 to February 2024 in comparison to $1.72 billion reported during the corresponding period last year.

Iranian ambassador

Ambassador of Iran to Pakistan Reza Amiri Moghadam paid a courtesy call on Prime Minister Muhammad Shehbaz Sharif on Tuesday and discussed matters of mutual concern. The prime minister thanked the President of Iran, Dr. Ebrahim Raisi, for his congratulatory message and telephone call to him following his re-election.

He underscored that Pakistan attached great importance to Iran and the two countries enjoyed historic and brotherly relations. The prime minister fondly recalled his meeting with the Iranian President when they jointly inaugurated a border market and an electricity transmission line in May 2023. The two leaders had also met on the sidelines of the SCO Summit in Samarkand in 2022.

He stressed the need for both sides to work together to enhance trade, energy cooperation, road and rail connectivity, cultural exchanges, counter terrorism efforts and security cooperation.

The prime minister appreciated Iran’s support on the issue of Jammu & Kashmir. The situation in Palestine was also discussed in the meeting. The Iranian Ambassador thanked the prime minister for receiving him and shared an overview of the current state of bilateral relations. He also affirmed Iran’s desire to further strengthen its relations with Pakistan in all areas of mutual interest.