Diversifying Pakistani exports with competitive engineering products good sign: Prof.Zhou.

BEIJING -- Pakistan has begun to diversify its exports with competitive engineering products and a small number of machinery exports are a good sign, Senior Fellow of Chongyang Institute for Financial Study of Renmin University, Prof. Zhou Rong said on Sunday.

"We have noticed that Pakistan has begun to diversify its exports and a small number of machinery exports is a good sign. Pakistan needs to not only accelerate the localization of machinery and equipment but also develop joint ventures with China, specializing in the production of Pakistan's advantageous products,"he said in his article published by China Economic Net (CEN).

While appreciating Advisor to the Prime Minister on Commerce, Abdul Razak Dawood recent statement that that Pakistan is rapidly diversifying its exports into high quality and globally competitive engineering products, he stressed that Pakistan is going to achieve diversification of its export in products other than the traditional ones.

He said it is very encouraging that Pakistan begins its promotion of exports in new sectors, particularly the engineering and pharmaceuticals sectors; and also Pakistan is trying to reduce its reliance on five traditional export sectors (textile, leather, carpet, medical equipment and sports products).

All those sectors have been supported in the Pakistani federal Budget of 2020-21 with reduction of import duties on raw materials and tariff rationalization.

He said the incumbent government endeavors to increase the country's exports in the...