Senate Committee reviews TDAP’s export strategies & explores Pharma excel proposal for pharmaceutical growth
Senator Anusha Rahman Ahmad Khan chairs the meeting
ISLAMABAD ( WEB NEWS )
Senator Anusha Rahman Ahmad Khan chaired the meeting of Senate Standing Committee on Commerce held on Tuesday at Parliament House. The Senate Committee deliberated on the compliance status of market intelligence reports received from Trade and Investment Officers (TIOs). Officials from TDAP apprised the committee that TDAP formulates an annual plan in consultation with Chambers and TIOs and organizes single and multi-country exhibitions. However, representatives from the pharmaceutical industry stated that TDAP has failed to engage participants in single-country exhibitions held in Egypt, Azerbaijan, and Iraq. They proposed that the government constitute a body called Pharma Excel, comprising representatives from the Health Ministry, Commerce Ministry, and stakeholders from the pharmaceutical industry. Currently, the exports of the pharmaceutical industry stand at 400 million USD; however, the export volume could increase to 2 billion USD if the idea of Pharma Excel is realized.
Senator Anusha Rahman recommended that TDAP provide a way forward on this matter within the next four weeks. She argued that the ministry should create a statutory body or company, whichever seems appropriate, and make it time-bound to analyze its benefits on the exports of the pharmaceutical sector.
Furthermore, the Trade and Investment Officers for Brussels stated that Belgium is the 5th largest importer in the European Union from Pakistan. He highlighted the huge potential for the export of food and furniture goods to Brussels. Highlighting the export potential for Pakistani products in the German market, the Trade and Investment Officer informed that Pakistan’s exports to Germany are expected to increase by 21% this year, with a 60% increase in pink salt. However, there is also potential for exports in the IT sector, whose current export volume stands at 65 million USD.
The Trade and Investment Officer for Paris apprised the committee that Pakistan primarily imports skin items from France. However, there is ample potential for veterinary products in the country. Moreover, the Trade and Investment Officers for Italy highlighted that the Italian economy is going through difficult times, and with the increased interest rate, the industry is proceeding cautiously. However, there has been a 16% increase in remittances this year.
Envisaging the export potential in Spain, the Trade and Investment Officer stated that Pakistan is the 3rd largest trading partner of Spain, with huge potential for Basmati rice in the country.
Senator Anusha Rahman argued that there is huge potential for apparel, home textiles, and rice in Spain, and recommended that the Trade and Investment Officer collaborate with Pakistani manufacturers to increase export volume in these sectors.
In attendance were Senators Sarmad Ali, Hamid Khan, Muhammad Tallal Badar, Secretary for Commerce Jawad Paul, Special Secretary for Commerce Shakeel Ahmed Mangnejo, Representatives from Pharmaceuticals and Rice Industry and other Senior Officials from the concerned departments.