This is the right time to take decisions for diversifications to increase exports
Jam Kamal Khan’s address at Pharma Summit 2024
ISLAMABAD: Addressing the participants of the 7th Pakistan Pharma Summit 2024, Federal Commerce Minister Jam Kamal Khan assured them and asked them to have faith that those in government understand the problem the industry was facing. We the decision makers know the Health of our country. It can be further improved by proper quality medications. Overall practice of medicine is better. Pakistan was able to compete with other countries. We have made the diagnosis and now solutions have to be found. Better diagnosis, analysis of health of the industry has been undertaken.
Federal Commerce Minister Jam Kamal Khan presenting a Memento to one of the participants in the PHARMA Summit 2024.
In his extempore speech, Pakistan, Jam Kamal Khan said, has found certain sectors for growth and we have to provide assistance to those industries. Agriculture is one of them to start with. Industrialists are doing wonderful job but we wish to have value addition in management and services. With the passage of time we have to diversify. Sports goods from Sialkot, Textile, Leather, surgical goods are earning precious foreign exchange but we have to plan for diversification. It is the right time to take decisions for diversification. All sectors need to be exploited. Health of the economy is regularly discussed. Pakistan needs to very specific like Drugs sector. We can explore further, we are all out for increasing exports. Input from the industrialists will help as they have the experience. Diversification in all areas should be considered. After budget what we have been working on all these areas. Industry has survived Covid and we came out of it.
We wish to have all positive export oriented policy. Businessmen, we do realize, have some problems. We are doing our best to solve them. The last six months have been a challenging time for the government. We have to build the confidence of the investors again. Trust does miracles. We need to engage industrialists and give them space for progressed so that we bring out Pakistan out of crisis. Government is determined to address all those issues in right place. We need to develop long term policies which are sustainable. We have to attract investors to come to Pakistan. We have to check interest rate, inflation. These are the challenges and we have the rescue plans though they are not ideal and it will take some time to solve the problems. We are committed to find a solution to all these problems. Currently almost 80% of our resources needs to be exploited. There are margins of growth in all fields, he added.
Some of the chief executives of Pharma Industry attending the PHARMA Summit 2024 photographed with Federal Commerce Minister Jam Kamal Khan.
The government, Jam Kamal Khan disclosed have formed thirteen councils in all sectors. Ministry of commerce is the father. Private sector is consulted. Councils meet monthly and prepares the report. It was decided that the Minister should be part of the committee and take it to all relevant ministries. National Export Promotion Board has been constituted. It is a potential platform. Issues are at times discussed at wrong platforms. Every ministry is guarding its own interests and not taking care of interest of Pakistan. The Board decisions will have its impact. Lot of discussion took place in the first meeting. We will ensure proper decisions are taken and sent to all those concerned and they are implemented. We will also ensure that the issues are addressed in the right ministries and right decisions are taken. Globalization is now being converted in to Nationalism and we have to see how we can secure our own interests, he remarked.
Let Pharma Heal Pakistan
Earlier a brief video film with a theme, Let Pharma Heal Pakistan was screened. I t highlighted the fact that Pharma industry can provide two to three billion, we have the potential and we can do it. It is largest employer of pharmacy graduates, microbiology graduates, it has ensured economically prices drugs available in the country. Studies have showed that almost 66% of drugs in Pakistan are cheaper as compared to India. Pharma industry needs International certification. Government should help it. Pharma industry should be part of any state agreements made with other countries. They should be consulted. Let it retain 35% of the revenue it generates for its growth and expansion, development.
