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Export sector in need of $65bn investment

Mar '07
To achieve the export target of $40 to $45 billion by 2013, with an average growth rate of six to eight percent Pakistan needs to invest an amount of $65 billion in the next six years.

According to a presentation prepared by Akram Sheikh, Deputy Chairman, Planning Commission, country's exports to US are projected to increase from $4.2 billion last year to $11 billion in 2013.

The exports to the EU are projected to increase from the existing $4.5 billion to $9.5 billion by 2013.

The exports to China may take a big leap from the current $500 million to $5 billion by 2013.

The presentation anticipated that Afghanistan may replace UAE to become the third largest market of Pakistani products after the US and the EU. Exports to Afghanistan may move up to $3.2 billion, three times up from the current level of $1.1 billion.

Exports to UAE are expected to be doubled from $1.3 billion to $2.6 billion by 2013.

Planners hope that textiles and clothing may lead the exports in the next six years, expecting an increase from $9.89 billion to $22 to $25 billion by 2013.

It is also mentioned in the report that to achieve the export targets, fresh investment in every export sector is necessary and sector-specific human resource capacity enhancement will also be required.

Out of $65 billion fresh investments in export-oriented sectors, textile and garment would need at least 30 percent or $22 billion. Leather and sports goods with some other goods need around $5-10 billion by 2013.

The Planning Commission also warned that China, India and Bangladesh may pose greater competition to Pakistan.

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