LAHORE: Lack of branding and value addition is shifting all benefits to other countries which are earning hugely from global trade while Pakistan is struggling to achieve minor export targets, say businessmen associated with the Lahore Chamber of Commerce and Industry (LCCI).
Speaking at an awareness session at the chamber premises, LCCI President Abdul Basit, Senior Vice President Amjad Ali Jawa and Vice President Muhammad Nasir Hameed Khan said lack of interest and awareness of branding and value addition was causing a huge loss to the national economy.
“We are getting far less benefits from the potential of the country and quality of its products,” they said.
Many countries are importing Pakistan’s unbranded products and selling them to the world with their own brands. Likewise, most of the natural produce like salt, precious and semi-precious stones is being exported from Pakistan in raw form despite the fact that value addition can add many times more to their prices.
Brand represents reputation and is a tool that attracts consumers towards the product. In the developed world, people love to use branded products because companies with brands don’t just sell a product but sell experiences and quality.
The LCCI office-bearers were of the view that creating awareness was one of the greatest challenges for businesses that could be tackled through public-private partnership.
They asked private sector to plan to promote branding culture in Pakistan to wear off the intensity of economic meltdown being experienced by leading economies of the world.