Pakistan eyes $7bn rice exports to support economy
Business
Rice exports play a vital role in country’s economy
ISLAMABAD (Web Desk) - Pakistan’s Commerce Minister Jam Kamal said on Monday the country aimed to boost its rice exports from the existing $4 billion to as much as $7 billion to support its dwindling economy, media reported.
Kamal said this during a meeting with the Rice Exporters Association of Pakistan (REAP) representatives. Rice exports play a vital role in Pakistan’s economy, ranking second in export value after cotton.
Pakistan is trying to navigate a prolonged economic crisis by actively pursuing foreign investments and enhanced trade opportunities, while it has also reached a staff-level agreement with the International Monetary Fund (IMF) for a $7 billion loan.
The South Asian holds 25 percent of the European rice export market, compared to India’s 16 percent, and there is a need for collaboration between the government and exporters to maintain this competitive edge, according to the commerce minister.
“Rice exports play a vital role in Pakistan’s economy, ranking second in export value after cotton,” Kamal was quoted as saying by the state-run APP news agency.
“Rice exporters are a primary source of revenue and employment, with the government aiming to increase exports from $4 billion to $6-7 billion in the near future.”
Pakistan exported rice worth $3.9 billion this year as compared to $2.15 billion last year. It has also withdrawn the minimum export price for all rice varieties to compete with Indian exporters in the global market.
India has been the largest exporter of rice worldwide, followed by Pakistan, Thailand and Vietnam. The South Asian arch-rivals are also the only countries that produce basmati rice which is famous for its unique flavour and aroma around the globe.
“We are focusing on improving our standards to meet international food safety requirements, especially in Europe,” Kamal said.
