Pakistan seeks to boost rice exports to Gulf states amid efforts to stabilise economy

Pakistani rice exporter, Waqar Rice Mills, is struggling to increase exports to the Gulf due to visa restrictions and high interest rates. The company also faces competition from India and needs to provide competitive pricing to enter the Gulf market. In addition to rice, Pakistan aims to boost exports to the Gulf Cooperation Council (GCC) in other sectors. The strategic location of the Gwadar port, bypassing the Strait of Hormuz, offers a trade advantage and is crucial for Pakistan's trade relations and economic stability, particularly with the fragile economy heavily relying on IMF loans.

Pakistani rice exporter Waqar Rice Mills has been milling, processing and supplying Pakistani rice to countries in the Gulf for the past four decades. The firm wants to ramp up exports to the region, but access has been limited. Exporters holding face-to-face meetings with importers are limited by visa restrictions imposed on Pakistani visitors by nations including United Arab Emirates, Qatar and Saudi Arabia, said the mill’s director of international sales Mohsin Aziz. The company is among Pakistani firms whose Gulf export ambitions face high interest rates and a lack of loans. “We could achieve it simply if the government, first of all, provides very, very cheap loans. And also, if they could reduce the policy rate back to 3 to 4 per cent where it was back in 2013 to 2018,” said Aziz. The price of rice is another challenge for Pakistan’s exporters. Industry players say that while Pakistan produces top quality and aromatic rice, its inability to provide competitive pricing ...