Need for trade diplomacy through targeted outreach stressed

ISLAMABAD: Renowned industrialist Atif Iqbal has stressed that Pakistan needs to employ trade diplomacy on a regional as well as single-country basis through targeted and tangible outreach efforts.

In a statement issued on Monday, Atif said the only way forward for the country’s economy is to aggressively tap new export markets and diversify the exports basket.

Atif also expressed his desire that the European Union consider Pakistani pharmaceutical products be included in its GSP+ programme for Pakistan. He elaborated that this can be a game-changer for the economy of Pakistan as it is a huge industry with enormous potential to expand.

Former finance minister Miftah Ismail, MNA Dr. Mirza Ikhtiar Baig, FPCCI SVP Saquib Fayyaz Magoon, consul generals and top diplomats of Germany, Malaysia, Indonesia, UAE, Oman, Morocco and Philippines discussed their ideas on economic stabilization in a high-profile Iftar dinner hosted by Atif Iqbal, who has recently been elected as the Chairman of Pakistan-Philippines Business Council of the FPCCI.

HE Andreas Wegner, Deputy Head of German Mission, apprised that social and B2B engagements can unleash new possibilities in trade, investments, JVs, industrial collaborations and social sector uplift. He said important figures from Pakistan and diplomatic circles gathered to brainstorm the avenues of cooperation.

Miftah Ismail maintained that Pakistan needs reforms that make economic sense as ad hoc arrangements and lack of planning have never delivered the results for Pakistan. He expressed his satisfaction that top diplomats from EU, GCC, Southeast Asia and other countries gathered have friendly concerns and warmth for Pakistan - and, this goodwill can be utilized to promote trade and economic ties.

Copyright Business Recorder, 2024