Mr Atif Ikram Sheikh, President of FPCCI, has informed that many foreign visiting diplomats have been briefed on the macroeconomy, improving economic indicators, potential sectors of cooperation, trade agreements, and trade promotion activities at Federation House, Karachi. Mr Atif Ikram Sheikh highlighted that in January 2025, Pakistan recorded a monthly trade deficit of $2.83 billion, representing an 18 per cent year-on-year rise. He added that the current account was in deficit by $420 million in January.
FPCCI Chief stated that despite these challenges, the economy is going in the right direction as the key policy rate has come down by 10 per cent in less than a year – which shows that the emphasis will be on expansion and growth. This phenomenon creates an enormous demand for imports of raw materials as well; therefore, we should create trade interdependencies to enhance, diversify and expand our export basket through aggressive trade promotion by means of trade diplomacy.
Mr. Atif Ikram Sheikh reiterated his stance that increasing and diversifying exports is the only viable option for Pakistan to achieve a stable economy, current account balance, rupee-dollar parity, sustainable foreign exchange reserves, and jobs in its labor market.
Mr. Saquib Fayyaz Magoon, SVP FPCCI, maintained that it is very important to activate existing trade agreements like preferential trade agreements (PTAs), free trade agreements (FTAs), and other economic alliances with various countries and regions. He added that the diplomats of various countries should be meaningfully taken on board to facilitate and enable the untapped potential.
SVP FPCCI elaborated that the business, industry, and trade community of Pakistan can achieve substantive milestones through economic diplomacy, which otherwise seems to be difficult vis-à-vis political diplomacy. That is how nations and regions come closer in today’s world through forging interdependencies that result in the creation of wealth and prosperity for their respective populations, he added.
Mr. Saquib Fayyaz Magoon informed that FPCCI fully supports the government’s Look Africa Initiative. He is happy to see African diplomats at the apex body’s head office for the briefing to better understand the strengths of Pakistan’s various exports, such as textiles and garments, leather goods, fruits and vegetables, rice and processed foods, IT and ITeS services, surgical products, and sports goods.
Mr. Magoon also noted that FPCCI is in the process of organizing trade delegations to several African and ASEAN countries with the help of industrialists and exporters from multiple sectors. We will also welcome counterpart countries to organize single-country exhibitions in coordination with FPCCI and exchange delegations chamber-to-chamber. He added that Chambers of Commerce & Industries (CCIs) can play a pivotal role in materializing the true benefits of PTAs and FTAs through trade promotion activities.
Mr Asif Inam, VP of FPCCI, briefed on the strengths and challenges of the textile industry that Pakistan has the potential to have mega joint ventures, industrial collaborations, transfer of technology and offer an abundant, young labour force to establish the new industry. However, he emphasized that the government needs to manage the cotton crop better to curtail the cotton import bill – which can be achieved through incentivizing & protecting cotton cultivation, early plantation & harvesting, having multiple cotton production seasons and better crop mapping & research facilities.
