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Pakistan hosts Buying & Sourcing Houses Symposium to boost exports

Sourcing
Image Courtesy: dragonsourcing.com

The Trade Development Authority of Pakistan (TDAP) in association with Commerce Division of Commerce Ministry organised the first ever buying and sourcing houses symposium in the port city of Karachi on March 28, 2018.

TDAP, a successor organisation to Export Promotion Bureau (EPB), is responsible for implementing various trade policy initiatives announced by Commerce Ministry.

IKEA, H&M, Marks and Spencer (M&S) and Inditex were among the major buyers who participated in the event that was attended by representatives from more than 60 buying and sourcing houses. The buyers stated that poor security and the lack of facilities in the past forced many buying houses to relocate from the country.

The participants suggested Pakistan Government establish sourcing parks and ensure all amenities through a single-window facility, to make the country an attractive destination for sourcing by the international buyers.

A central compliance centre in Pakistan to improve manufacturers’ compliance with social standards – a key determinant to clothing imports from the country, was also advised at the event.

The foreign buyers also seek incentives in the form of subsidised office space to come back to the country and set up their base.

According to Secretary Commerce Younus Dagha, the objective of the symposium is to consult the buying and sourcing houses for the policy formulation as the Ministry of Commerce has been formulating strategic trade policy framework for the period of 2018-23. The upcoming trade policy framework should have a provision for incentives for manufacturers opined those who attended the event.

Recently, Inditex, the owner of Spanish fast-fashion brand Zara opened its first office in Pakistan in February this year to reportedly double its imports from the country.