Gratifying achievements of Pakistan's economic recovery

By Cheng Xizhong | China Economic Net Nov 1, 2021

Editor's note: Cheng Xizhong, Visiting Professor at Southwest University of Political Science and Law,Senior Fellow of the Charhar Institute, former Defense Attache in South Asian countries. The article reflects the author's opinions and not necessarily the views of China Economic Net.

Recently, Prime Minister Imran Khan and relevant federal ministers of the Pakistani government have repeatedly stressed the need to further expand exports. Figures released by the Pakistani government show that commodity exports have increased significantly in the recent year.

In addition, inflation is eased, remittance inflows hit a new high, the fiscal deficit improved to 7.3% of GDP, and the current account deficit shrank to 0.6 percent of GDP, the lowest in a decade.

The gratifying achievements of Pakistan's economic recovery are attributed to the effective lockdown strategy to contain COVID-19, the sound policies of the government on economic development, the diligence and wisdom of all Pakistani people, and the driving effect of the progressing China-Pakistan Economic Corridor (CPEC).

At present, the Pakistani government is making efforts to further expand exports. In this regard, I would like to propose the following suggestions in a bid to further improve the competitiveness of Pakistani products in the international market.

First, regarding product innovation, as we know, products that remain unchanged will be driven out of the market sooner or later, therefore, constant innovation and the R&D of new products are taking an increasingly important position in government policies and enterprise strategies. By doing this, more irreplaceable products will be provided with strengthened footing in the international market.

Second, on marketing ability, marketing is often regarded as the soul of exports. Without a correct marketing strategy, the goal of export is hard to be achieved. For Pakistani producers, it is imperative to formulate a marketing masterplan that showcases their competitive advantages and improves the professionalism and market expansion ability of the marketing personnel.

Third, in terms of product quality, high-tech products with high added value and profit shall be given preference for production and export, and more local brands are anticipated so as to augment the presence of Pakistani products in the international market.

Fourth, concerning information management, when companies master such information as the production, sales, after-sales and customer feedback of products, they can respond in time when there are problems or complaints, thus mitigating their impact to the minimum.

Fifth, after-sales customer service is an essential part of the export process. Just as a saying goes, “maintaining an old customer is equal to developing 10 new customers." Therefore, customer service and after-sales service deserve great attention by always putting customers first and winning their trust with sincerity and integrity. 

Finally, history tells us that the modernization of a country mainly depends on the improvement of advanced technology and the export of industrial products. No country in the world has become a developed country only by exporting agricultural products and handicrafts. For example, before China's reform and opening up, it mainly exported agricultural products and ready-made clothes. Now China has become the largest importer of agricultural products in the world, and the export of advanced industrial products has accounted for more than 90% of the total. The production of these outbound commodities is based on advanced technology and modern industry. In this regard, there is a huge potential to be tapped in the Special Economic and Technological Zones (SEZs and STZs).

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