To survive in a highly competitive regime, product competitiveness is the right recipe to make a strong presence in global market.

Trade policy should focus on improving competitiveness of products to boost country’s exports. By introducing latest technology in manufacturing processes, products competitive in the international market could be enhanced, Mahfooz Elahi, President Islamabad Chamber of Commerce & Industry (ICCI) has stated in a statement.

He was of the view that the South Asian countries have an almost identical pattern of comparative advantage in a relatively narrow range of products. He said that we should move away from comparative advantage to competitive advantage based policies for strengthening our economy.

ICCI President said that there was a dire need to encourage research and development in the industry with an objective of improving existing processes and rationalising cost.

He said over the years, the country has focused on expanding its manufacturing base to raise exports. But now is the time that Pakistan should concentrate on adding more value to its products for improving product competitiveness, resulting in rapid and sustainable growth in exports, he added.

Mahfooz Elahi said that improved consistent and world class packaging has played an important role in allowing countries and its companies to expand globally. Efforts should be made by the government and its Trade Policy to highlight importance of quality standard and packing for effective marketing.

ICCI President said that attempts should be make to boost exports by producing quality products instead of competing with lowering prices.

He said that competitiveness of existing industries and products were not enough, new products were equally important to boost exports and a more diversified industrial base was necessary.