News Update: 16th June 2020
As we all know that with the advent of “Lockdown” from the global COVID-19 pandemic, Economies are getting weaker by the minute. The government is trying to help struggling companies to survive, and a way to cope with the pandemic in an effective manner is needed urgently!
Pakistan is not immune to the economic shock caused by the coronavirus, and its exports have been severely affected. From the recent research based on export and import, analyst showed that the country recorded $ 1.39 billion in merchandise distributes, the lowest number in years, and it fell 34 percent from last year.
1. Governments need to ease up on import policies so the manufacturers can produce their final products for less! Import and Export go hand in hand as the manufacturers need to import raw material to use for their final products.
2. Companies need to increase their web presence due to the limited social activity we can now conduct.
3. The Government can help local companies to comply with global standards and get the right certification they need. Exports are a good source of foreign currency.
4. Start searching for more destinations: the global economy is 258 times larger than the Pakistani economy, which makes the global market an inevitable destination for Pakistani companies, and provides tremendous opportunities for Pakistani companies to expand their reach.
In addition, the “Make in Pakistan” industrial strategy is also introduced recently and it is the high time to support the Pakistani producers to access raw materials and intermediate inputs at international prices. It is also suggested by the seniors that if the “Made in Pakistan” plan works then import duties on final goods will also need to gradually decrease.