Pakistan should promote exports of textiles and information technology (IT) to Australia, whose projected GDP is $1.4 trillion, in order to diversify its export markets and increase export volumes.
Irfan Iqbal Sheikh, president of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), voiced worry that bilateral commerce with a developed country like Australia, where overall trade is less than $1 billion, is still well below its potential. Additionally, there is a $400 million trade gap with Australia.
“This must be a major source of worry. The two areas that have the potential to significantly increase Pakistani exports to Australia are IT and textile, he continued.
Mian Anjum Nisar, a former president of the FPCCI, emphasised that Pakistan has to learn from Australia’s experience in the areas of national food security and effective agricultural outputs.
“These include agricultural technologies, safeguarding crops from natural dangers, water management techniques, crop mapping, highways and networks connecting fields to markets, export marketing of agricultural products, and cutting-edge food processing facilities.”
Neil Hawkins, the Australian High Commissioner, indicated his willingness to promote connections and interactions between the two nations’ chambers of commerce, businesses, and individuals. He specifically stated that he wanted to assist the nation with its massive global endeavour demands for flood relief and recovery.
Hawkins informed the audience that 40,000 Pakistani students are enrolled in Australian universities and that the number of Pakistanis living abroad is rising as more people choose to immigrate to his nation. He also emphasised that 195,000 skilled immigrants from around the world come to Australia each year.
According to MA Jabbar, vice president of the FPCCI, Australia should help Pakistani businessmen obtain visas quickly and easily and collaborate in the transfer of industrial technologies to that nation.
Tahir Abbas, the head of research at Arif Habib Limited, stated that value-added textile exports and services exports, particularly in the area of information technology, should be the focus of export diversification.
