Gohar Ejaz praises American role in Pakistan's trade and investment
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Commerce and Industry Minister Gohar Ejaz has lauded the role of the American Development Corporation (ADC) in boosting trade and investment in Pakistan. He was speaking at an investment event organized by the ADC in Islamabad on Monday.
Ejaz said that the ADC was playing an important role in facilitating the development of various sectors in Pakistan, especially in the fields of energy, infrastructure, agriculture and technology. He said that the ADC had helped Pakistan attract foreign direct investment worth $1.5 billion in the last year.
The minister also highlighted the achievements of his ministry in improving the country's export performance. He said that exports had increased by $1 billion in the last four months, and if the same pace was maintained, exports could increase substantially by the end of the fiscal year.
He said that Pakistan had achieved a current account surplus of $374 million in December 2023, which was a remarkable turnaround from the previous years. He said that exports were increasing, while imports were decreasing, which was a positive sign for the economy.
He said that his ministry was working on opening trade with the Gulf states, Africa and China, and exploring new markets for Pakistani products. He said that unconventional exports, such as IT services, engineering goods and pharmaceuticals, had increased by 100% in the last year.
He said that 25 big companies in Pakistan were contributing $10 billion to the country's exports, while 100 big companies were contributing $20 billion. He said that his ministry was focusing on supporting small and medium enterprises (SMEs), which had a huge potential for growth and job creation.
He said that his ministry would provide easy access to finance, technology, markets and skills to all industries, and create a conducive environment for business and investment. He said that Pakistan was on the path of economic recovery and prosperity, thanks to the efforts of the government and its partners.