Buy Pakistani products, stabilize the economy

Nowadays, the idea is becoming common in Pakistan that people should buy Pakistani products. But our nation has not adopted it in the true spirit of improving the country’s economy, although it also directly benefits the country’s economy.

The idea behind this is to promote Pakistani products and stabilize the country’s economy through Pakistani brands and local products. Likewise, the growing volume of foreign brands and imported products should be reduced and the country’s valuable foreign exchange would be saved.

Like any developed country, the role of local brands in Pakistan is very important as they reflect the small and medium enterprises (SMEs) and stable industries in the country. This in turn paves the way for the country to become self-sufficient and meet the local market demand in a sustainable manner. Of course, new jobs, part-time businesses, income growth and tax revenue form the backbone of a country’s economy. Although Japan and Germany are considered to be economically exemplary countries in the world, neighboring countries like China, India and Bangladesh are also notable examples for us.

Producing products locally in the country also reduces dependence on global supply chains and risks to the economy associated with external factors such as trade disputes, geopolitical tensions, or natural disasters. Inflation is also kept under control thanks to local manufacturing in the country as the prices of local products are not affected by fluctuations in the dollar or other foreign currencies, in which the food and public health sectors are very important.

The campaign to promote the products of Pakistani brands in the country has never been so successful in history, as this time the campaign to promote Pakistani products has come out in support of the Muslims of Gaza on religious and humanitarian grounds. During the last six months, more than 32,000 Palestinians, including women and children, have been martyred by Israel’s brutal and inhumane attacks on Gaza. The only option to publicly support Muslims in Palestine, including Gaza, is to donate generously to Palestinian Muslims and boycott foreign companies and their brands that have ties to the Jewish state.

The trend of boycotting foreign brands has been very effective in Pakistan for the past few months, mainly due to awareness campaigns against them on social media platforms. These campaigns proved to be beneficial for the country’s economy. In recent months, a significant number of consumers have continued their boycott out of a belief in solidarity with the Palestinians. As a result, sales of several local brands have reached record levels, and are operating at full capacity. Even some beverage and food companies are ready to increase their production. It is surprising to see that various new local brands are being introduced to compete with foreign products, improving the investment climate and creating local employment opportunities.

A movement titled ‘Mira Brand Pakistan’ was recently launched at the Expo Center in Karachi to create awareness about local products and brands as alternatives to western brands. 100 companies and around 300 brands presented their products in this unique trade show. Unfortunately, the number of local brands is insufficient even to meet the country’s needs. Therefore, we have to develop a brand for each alternative against western and foreign products.

There is no doubt that Pakistani experts are capable of developing makeup for local and foreign markets. Pakistani brands are not only good enough but also have the potential to expand their exports worldwide. For example, we manufacture high-quality apparel, sports goods, surgical equipment, and edibles and export them to various countries. Some of our companies have established themselves in the form of well-known brands, while most of the companies here also manufacture their products for well-known global brands, of which apparel is notable. However, high quality products should be maintained for local markets and exports as well. In this regard, the use of technology, innovation in ideas and collaboration between stakeholders are key to rapid growth.

The movement to boycott foreign products is a welcome move for the country’s economy and should be supported by all stakeholders including the government. In this regard, the new government should formulate a long-term policy and assure local industrialists of financing facilities, reduction of duties on imports of raw materials and machinery. Currently many industrial zones are looking deserted and new units are not being constructed especially in Nooriabad, Dhabiji, Site Industrial Area etc. The government should introduce a low-cost financing scheme to meet local demand and encourage production expansion as well as setting up new production plants. In this way, import substitution can be managed more efficiently and quickly, thereby saving valuable foreign exchange reserves.

The government should work with stakeholders to develop a five-year localization economic plan to grow the $375 billion economy locally.

Note: Express News and its policy do not necessarily agree with the views of this blogger.

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