The single biggest challenge to enhance the exports of Pakistan is to establish industries in high-technology fields so that we can manufacture and export high value-added products. Lessons can be learned in this respect from China in respect of policies that need to be designed and implemented.
Since the very beginning of the process of economic reforms that China began in 1978, the focus was on linking Foreign Direct Investment (FDI) firmly to the manufacture and export of high technology (high value-added) products. This resulted in annual average economic growth of up to nine per cent during the period 1979-2004, transforming this nation to an economic giant. This is where Pakistan failed completely, as it was not realized by planners in successive governments, that gone are the days when low value-added textiles could contribute to significant socio-economic development.
About 60 per cent of our exports are in the low value-added textiles sector. We must move forward to the manufacture and export of engineering goods, automobiles, electronics, computers, sophisticated software, artificial intelligence-based products, chemicals, pharmaceuticals, vaccines, biotechnology goods, nanotechnology materials, processed minerals, gems and jewelry, and a host of other such technology-driven high value products.
China attracted foreign investors to establish manufacturing plants of high technology goods by offering its huge market, excellent trained manpower and upgrading its...
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