ISLAMABAD: Pakistan has witnessed a “remarkable” rise in its exports during the current fiscal year following the establishment of the Special Investment Facilitation Council (SIFC) in June 2022, according to media reports.
Official data issued by the Pakistan Bureau of Statistics (PBS) shows that the country’s products are gaining prominence worldwide, resulting in a visible rise in exports and a decline in imports.
According to PBS data, Pakistan’s merchandise exports rose by 10.54 percent to $30.64 billion in the financial year 2023-24. Meanwhile, Pakistan’s imports fell by 0.84 percent to $54.73 billion during the same period.
The SIFC and Pakistan’s commerce ministry have been credited for their “round-the-clock” efforts in helping Pakistan establish new markets for the export of meat in Jordan, Lebanon, Egypt, and Uzbekistan.
Grappling with a macroeconomic crisis that has depleted its fragile economy of resources, Pakistan has sought to engage regional allies to increase investment and trade. Pakistan aims to enhance its exports and provide visa and trade facilities to several countries as it eyes economic growth and stability.
Pakistan set up the SIFC in June 2022 to attract foreign investment in key economic sectors, particularly from Gulf countries. This hybrid civil-military forum aims to fast-track decision-making and investment.
Pakistan has witnessed a remarkable surge in exports during the financial year 2023-24 due to the concerted efforts of the Special Investment Facilitation Council (SIFC),” said a report broadcasted by Radio Pakistan.
The report also noted that, for the first time, Pakistan’s agro-exports increased by 37 percent, from $5.8 billion to $8 billion.
“By reaching this level of development, Pakistan’s agricultural sector can achieve the export target of $10 billion in the current financial year,” Radio Pakistan’s Report stated.
“The significant increase in exports indicates the growing importance of Pakistani products in the global market and the revolutionary initiatives of SIFC,” the report concluded.
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