Federal Minister for Food Security Rana Tanveer Hussain on Friday said that Pakistan needs to increase its exports to reduce the $50 billion trade deficit. He spoke to the media in Lahore, highlighting concerns over the country’s declining trade performance.
The minister pointed to the success of countries like Singapore, Thailand, and Vietnam, which grew their economies by focusing on services and exports. He emphasized that Pakistan must adopt similar strategies to remain competitive globally.
Rana Tanveer Hussain urged Pakistani businessmen to move beyond complacency. He said, “Many think their households are fine and income is reasonable, but we must aim higher and focus on exports.”
The minister also noted historical lessons. He revealed that India’s former Prime Minister Manmohan Singh adopted an economic model that originated in Pakistan. During Nawaz Sharif’s first tenure, a free-market system was implemented, which initially helped boost exports.
Rana Tanveer Hussain expressed concern that Pakistan’s exports have dropped by 30 percent. He also compared Pakistan with India, saying India’s foreign exchange reserves are much higher. At one point, he noted, one Pakistani rupee was equal to two Indian rupees.
The minister praised overseas Pakistanis for their significant contributions to strengthening the national economy. He highlighted that countries like Singapore and Vietnam increased exports through innovation, competitiveness, and strategic planning.
He urged Pakistan to adopt a forward-looking approach and move from complacency to action. Rana Tanveer Hussain stressed that enhancing exports, improving trade policies, and encouraging businesses to think beyond domestic markets are critical steps.
Officials and industry experts agree that increasing exports is essential for Pakistan to reduce the trade deficit and achieve long-term economic stability. The government is expected to introduce measures to support exporters and stimulate growth in key sectors.
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Rana Tanveer Hussain concluded that Pakistan must learn from global examples and strengthen its economic foundations to remain competitive in international markets.
