LCCI chief urges economic diplomacy1 min read

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ECONOMIC
Pakistani embassies should also play a much more active role in promoting investment, exports and general businesses, says LCCI chief. PHOTO:FILE
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LAHORE:  The Lahore Chamber of Commerce and Industry (LCCI) has underlined the need for ‘economic diplomacy’ to strengthen Pakistan’s trade ties with the rest of the world.

LCCI President Malik Tahir Javaid said that Pakistan cannot remain in isolation in the present economic arena where other countries are working hard to get maximum share in international trade. “China, United States, Germany, Japan, South Korea, France, Italy, Hong Kong, UK and Canada are the top-ten exporters,” he said. “Pakistan is lagging far behind despite having one of the best geographical locations, ideal coastline, ports and all kinds of resources.

Also Read: Pakistan and Turkey: case studies of economies in stress

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“Economic diplomacy is defined as the decision-making, policy making and advocating of a state’s business interests,” he said. “Its agenda should include promotion of national economic interests in other countries, informing and updating potential foreign investors on opportunities, negotiating economic and trade agreements, etc.”

The LCCI chief remarked that the role of Pakistan’s embassies abroad is essential. Their mission should be to negotiate between governments. “Pakistani embassies should also play a much more active role in promoting investment, exports and general businesses,” he added.

(This news/article originally appeared in The Express Tribune on September 1st, 2018)

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