Lahore School of Economics

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The Need for a Coordinated Industrial Strategy to Boost Pakistani Exports: Lessons from Asia

In an interesting paper published by the Lahore Journal of Economics titled ‘The Need for a Coordinated Industrial Strategy to Boost Pakistani Exports: Lessons from Asia’, Dr. Azam Chaudhry and Gul Andaman of the Lahore School of Economics produced a historical map of Asian industrial policies and explained how they have led to growth in Asian countries. The authors focused on a group of Asian countries that have successfully increased exports and found a common industrial strategy. Several key factors emerged from their detailed mapping exercise:

First, countries that have managed to increase their exports focused on doing so in sectors in which they had expertise while slowly developing new export sectors at the same time.

Second, high growth Asian economies developed their export sectors by making a significant move up the quality ladder and, in particular, moving away from low value added to higher value added exports.

Third, there is no single economic policy that worked across Asia; rather, successful exporters have used two or three policies in tandem to boost exports.

Fourth, industrial policy had been coordinated with education and training policies to develop both the entrepreneurs and the workforce needed to produce high value added exports.

Finally, the only consistent factor that had an impact on high value added export growth is domestic credit to the private sector.

Their results point to the urgent need for a coherent industrial strategy to boost Pakistan’s exports (preferably before future trade agreements are signed, which could otherwise damage potential export sectors).

Read full paper here [pdf]

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posted by S A J Shirazi @ 5/12/2015 02:20:00 PM,

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