WASHINGTON : As Pakistan found new prospects for exports with a European preferential trade deal, a Pakistani-American business leader welcomed the development but argued Islamabad must focus on diversifying export products to achieve high economic growth. “There have been some good news like better than expected growth rate and the EU generalized system of preferences’ these will certainly help revive the economy,” Mosadaq Chughtai, a leading entrepreneur in the Washington metro area, said. The GSP deal should encourage businesses to further improve the quality of their export products so that the country is able to earn a permanent share in the highly competitive international market, he said.
The government for its part should ensure supply of electricity to the industrial sector, he added.
At the same time, Chughtai emphasized, Pakistan should encourage growth in modern fields like the information technology, electronics, cell phone manufacturing and engineering goods, to fuel sustained economic momentum.
Pakistan, he explained, is a country with economic enormous potential in wide-ranging areas, not just in agriculture and textiles, and the government and the private sector should work together to carry out extensive research, identify the areas for potential growth to the United States and other rich countries.
“Even in agricultural field we can increase production manifold, grow fruits and crops that bring handsome profit, and add value to dairy products for exports,” said Chughtai, whose Pandak Farms (www.pandakfarms.com) in Pakistan have introduced some of the latest practices including use of solar energy and modern techniques for optimal farm production.