Pakistan’s exports to Japan have jumped by 40% in the first quarter (Jan – Mar) of 2021 compared to the last quarter of 2020 i.e. (Oct – Dec). The increase is more than 47% when compared to the same period last year i.e. Jan – Mar 2020.
These trade figures have been released recently by Japan’s Ministry of Finance. This trend highlights that Pakistan is coming out of the challenges to international trade posed by the current pandemic. Covid related limitations had brought a slight negative impact on trade between Pakistan and Japan towards the end of last year; however, Pakistan’s exports to Japan bounced back in high numbers. As compared to exports of US$ 61.6 million in the last quarter of 2020, Pakistan has exported goods worth of US$ 86.1 million to Japan from January to March 2021, whereas exports in the same quarter last year stood at US$ 58.7.
This multiplying trend observed in bilateral trade is mainly associated with focused efforts of the Mission to diversify the export mix of Pakistan for Japan. Pakistani Mission in Tokyo, through its Trade and Investment Wing, devised an export diversification strategy ‘Option Pakistan’ last year with a focused layout plan – reaching out to all major business chambers and trade associations in Japan, introducing a range of Pakistani exportable products.
The strategy not only resulted in spreading information about Pakistan and its trade potential but also helped in providing Japanese companies with an attractive source of procurement for their businesses that are facing serious issues of depleting stocks due to travel restrictions. In the recent months seafood products, petroleum, dry fruits, spices and minerals have contributed to Pakistan’s rising exports to Japan; whereas, a considerable increase has been noticed in export of woven fabric, knitted garments, honey, sports goods, cutlery, socks, gloves, gems & jewelry and dates.
Ambassador Imtiaz Ahmad along Trade and Investment Counsellor Tahir Cheema held meetings with local government trade departments, regional JETROs and Chambers of Business in Osaka, Kobe, Kyoto, Nara, Sendai, Aomori and other important business hubs. This high-level interaction with the Japanese business community resulted in raising the confidence of Japanese importers in Pakistani goods. Augmenting these efforts, the Mission through its Trade Counsellor Mr. Cheema participated in almost all major trade fairs and exhibitions held in and around Tokyo since resumption of such events since September last year in a hybrid mode as international exporters are unable to enter Japan to display their goods for such promotional activities.
Trade Development Authority of Pakistan (TDAP) is also partnering with the Mission to increase presence of Pakistani companies and products in the upcoming events to be held in a hybrid mode in Japan as the pandemic prolongs, adding to the challenges of manufacturers and exporters. This support will come in the form of enhanced subsidy by TDAP for priority sectors. In the coming months, TDAP, JETRO and Pakistan’s Trade Mission at the Embassy will further strengthen plans to increase Pak-Japan trade.
Tech Evolution: How IT Can Revolutionize Pakistan’s Economy
Welcome to our blog post on the potential of Information Technology (IT) to revolutionize Pakistan’s economy. In this post, we will explore the various ways in which the tech industry can drive economic growth, attract investments, and foster innovation in Pakistan. As a country with a growing population and a diverse workforce, Pakistan stands at the cusp of a technological revolution that has the potential to transform various sectors and create new opportunities. Join us as we dive into the exciting prospects that lie ahead!
The Current State of Pakistan’s Economy
Before exploring how IT can revolutionize Pakistan’s economy, it is essential to understand the current state of affairs. Pakistan is a developing country with immense untapped potential. However, it faces various challenges such as poverty, unemployment, and an underdeveloped infrastructure. In recent years, the government has recognized the need to accelerate economic growth and has taken steps to promote investment, improve governance, and enhance the business environment.
The Role of Information Technology in Economic Growth
Information Technology is a catalyst for economic growth and development in the modern world. It has the power to transform industries, streamline processes, create new markets, and drive innovation. For a developing country like Pakistan, embracing IT can prove to be a game-changer. Let’s delve into some key areas where IT can revolutionize Pakistan’s economy.
1. Job Creation and Skill Development
The IT industry has the potential to create a vast number of jobs and boost employment rates in Pakistan. By investing in IT infrastructure, fostering an environment conducive to tech startups, and providing training programs for IT skills, the country can tap into a talented pool of individuals and bridge the unemployment gap. As technology becomes increasingly integrated into daily life, skilled IT professionals will be in high demand across various sectors, from healthcare to education, finance to agriculture.
2. E-commerce and Digital Payments
The rise of e-commerce has transformed the way businesses operate worldwide. From small local vendors to multinational corporations, having an online presence is essential for success in the digital age. Pakistan has already witnessed significant growth in e-commerce platforms, and with further investments and improvements in logistics and infrastructure, the sector can flourish even more. Simultaneously, the adoption of digital payment systems can enhance financial inclusion and simplify transactions, making it easier for businesses and consumers to operate in a cashless economy.
3. Education and E-learning
Education is the backbone of any prosperous nation. Integrating technology into education can improve access, quality, and relevance. Pakistan can leverage IT to create a digital learning ecosystem that reaches students in remote areas, offers personalized learning experiences, and equips learners with the skills needed for the future job market. By investing in e-learning platforms, educational content development, and teacher training programs, Pakistan can bridge the educational divide and empower its youth with knowledge and opportunities.
4. Agriculture and Smart Farming
Agriculture is a critical sector in Pakistan, employing a significant portion of the population. Technology can play a pivotal role in improving agricultural practices, increasing productivity, and reducing post-harvest losses. Through the adoption of smart farming techniques, farmers can utilize IoT devices, data analytics, and precision agriculture tools to optimize resource allocation, monitor crop health, and mitigate climate risks. Additionally, IT can facilitate access to market information, connect farmers with buyers, and enable efficient supply chain management, transforming the agricultural landscape in Pakistan.
5. Technology Parks and Innovation Hubs
To foster innovation and entrepreneurship, the establishment of technology parks and innovation hubs is crucial. These spaces provide a nurturing environment for startups and allow for collaboration, knowledge sharing, and access to resources. By creating conducive ecosystems that attract tech companies and investors, Pakistan can become a regional hub for innovation and technology, bringing economic benefits and opportunities for all.
In conclusion, the potential of Information Technology to revolutionize Pakistan’s economy is immense. By embracing technology in various sectors, such as job creation, e-commerce, education, agriculture, and innovation, Pakistan can pave the way for economic growth, attract investments, and create a more prosperous future. The need of the hour is a comprehensive strategy that focuses on investing in IT infrastructure, promoting digital literacy, supporting startups, and fostering public-private partnerships. It is an exciting time for Pakistan, and with the right policies and investments, the tech revolution can unlock the country’s true potential.
So, let’s come together and embrace the power of IT to shape a brighter future for Pakistan. Together, we can build a prosperous and technologically advanced nation that leaves no one behind. The time for change is now!
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