Karachi: Pakistan's rice exports have surged to a historic high of $3.88 billion in the fiscal year 2023-24, as per Rafique Suleman, former chairman of the Rice Exporters Association of Pakistan (REAP). This achievement marks a significant rise from the previous year and highlights the potential for further growth in agricultural exports.

According to Federation of Pakistan Chambers of Commerce and Industry, Suleman announced that Pakistan exported 5.979 million metric tons of rice in the current financial year, a 60% increase in quantity and an 80% increase in value compared to the previous year's 3.717 million metric tons worth $2.15 billion. He attributed this success to effective leadership within REAP and emphasized the necessity of overcoming challenges such as the recent water crisis to continue growth.

Suleman highlighted that countries like Thailand, Vietnam, and China, which manage their water resources efficiently and produce multiple rice crops annually, serve as models for Pakistan. He advocated for the construction of dams to improve irrigation and enable the cultivation of multiple rice crops each year, which could also help address the country's energy crisis by generating inexpensive electricity.

The former chairman called on the government to expand the areas permitted for rice cultivation to maximize export potential and stabilize the economy through increased foreign exchange earnings. REAP is actively seeking new markets and has pushed for government-level trade negotiations and free trade agreements with West African countries, Indonesia, and Malaysia.

However, Suleman pointed out ongoing issues such as the lack of a banking channel with Iran, which has significantly hindered Basmati rice exports. He criticized the recent tax policy changes in the budget and urged the Prime Minister to reconsider the shift from a fixed tax system to a normal tax regime for exporters. He also requested an urgent meeting with the rice exporters' delegation to address these concerns.

Looking to the future, Suleman projected that with supportive government policies and the acceptance of REAP's proposals, Pakistan's rice exports could potentially reach $5 billion by 2027.