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Pakistan pursues export led growth strategy

Pakistan is now pursuing an export-led growth strategy. The assumption is that this is the only sustainable solution to overcome the trade deficit in the shortest possible time. The current account deficit is expected to be seven billion dollars at the end of the current fiscal year, down from $17 billion last year. This will be made possible by remittances worth $22 billion. For March 2019, exports are $17.1 billion and imports are $40.7 billion. The country is looking to bring down current account deficit to zero within two years if monetary policy remains tight and exports are encouraged through new investments.

A long term textile policy is being finalized by leading textile exporters, representing the entire value chain. The current account deficit has been a source of concern for the whole industry due to its negative impact on the growth of the economy as well as the industry. Provision of enablers for the restoration of competitiveness through timely interventions by the government has started bearing fruit. Pakistan’s textile exports are likely to cross $14 billion by the end of the current fiscal year. Leading business groups are upbeat other investors are ready to undertake new investment initiatives in greenfield and expansion projects in the textile value chain.