Local exports increase by $1 billion

Islamabad: The caretaker Minister of Commerce Gohra Ijaz said that in the last four months, the domestic exports have increased by one billion dollars.

Minister of Commerce and Industry Gohar Ijaz while addressing the topic of investment and climate change under the auspices of USAID in Islamabad said that the US Development Agency is playing an important role in trade and investment in Pakistan.

The caretaker Minister of Commerce stated that the trade with the Gulf states of Africa and China is being opened which can possibly lead to a significant increase in domestic exports in a year.

Gohar Ijaz added that in December 2023, there is a current account surplus of 374 million dollars. The exports increased by 700 million dollars as exports are increasing and imports are decreasing.

Exports of 25 big companies in the country are at $10 billion while exports of 20 billion dollars are coming from 100 big companies. The non-traditional exports have increased by 100%.

Speaking at the event, USAID Mission Director Kate Som Wongsri said that the United States' commitment to promoting Pakistan's economic development is unwavering. The Mission Director added that the investment and climate summit reflects the unwavering commitment of the United States in efforts to promote economic development in Pakistan.

On this occasion, an MoU was signed between USAID, IPA and three Pakistani companies. Under the agreement, $53 million will be collected for international investment during the next nine months to one year.