Rising exports to China good omen for Pakistan: Minister of State for Finance Aisha

According to Aisha Ghaus Pasha, Minister of State for Finance and Revenue, Pakistan’s exports to China exceeded 1.039 billion dollars in the first quarter, which is a significant development. She also stated that the country requires foreign reserves at this time and that Pakistan diversifies its trade with other countries. She stated that there is still a big opportunity to enhance our commerce with China and that the current government’s goal is to boost trade volume. Pakistan’s Finance Minister indicated that the second phase of the China Pakistan Economic Corridor (CPEC) would benefit from foreign investment.

Welcoming surge in Pak exports to China, analysts believe that provision of cheap electricity to the industry will encourage exports.

Minister of State for Finance and Revenue, Aisha Ghaus Pasha said, “It is a positive development that Pakistan’s exports to China have crossed 1.039 billion dollars mark in the first quarter. The country at this point of time needs foreign reserves and we have to diversify our trade with other countries.”

She said, “We have to explore new markets apart from our usual trading partners. There is still a huge potential to increase our trade with China and intention of the incumbent government is to maximize the trade volume. Pakistan is also keen to have foreign investment in the second phase of China Pakistan Economic Corridor (CPEC).”

She maintained that priority of the present government is to develop industries and initiatives will be taken to expand the product portfolio for exports. In the upcoming budget, the government will introduce certain policies in this regard, she said. The focus will not only be on sustaining growth momentum but to increase it at the maximum level, she added. The entire country will benefit as a result of foreign direct investment which is dependent on the economic and political stability, Aisha said.

Economist Mirza Ikhtiyar Baig said, “The world has appreciated the efforts of Pakistan in handling the Covid-19 and maintaining a balance between economic activities and safety during pandemic. It is a good gesture that exporters reduced their profit margins while honoring their commitments.”