Different countries of the world have their trading specialities, which are their major exports and earnings of foreign exchange in addition to overall better financial situation.
Switzerland specialises in Banking sector and gives much better facilities to account holders (like secrecy) than other countries. It is major earning item for Switzerland in addition to tourism. Tourism also brings foreign exchange. If a tourist comes to Pakistan and spends Rs. 50,000 on his stay, food, transport and other activities, he contributes to Pakistan's economy.
Panama is a small country of central America. It gives very concessional rates to oil tankers and cruise ships for registration and thats why the majority of cruise ships and tankers are registered in Panama. Thats Panama's earning speciality.
India made Information Technology (IT) as its speciality in 1990s and reaped huge economic benefits from this investment in human resources. Technical human resources which can be sent abroad for jobs contribute financially to their countries. Technical specialists are therefore an economic assset. India has also been promoting tourism in the recent years in addition to liberal economic policies at home like the end of Licence Raj, where only selected people were granted Licences for sugar and other mills. Medical treatment facilities is another speciality that India has developped in the recent past. Patients from the whole South Asian Region go to India for medical treatment.
There are many other countries that have favbourable tax schemes for industries called tax havens. They attract investment in shape of "off-shore companies".
Engineering research and development is a trading speciality of some advanced countries like France and Germany. University and Industry teams get contracts for research from customers all over the world.
In the automobile sector, Japan specialises in cars upto 300 horsepower with 4 or 6-cylinder engines. Germany specialises in high-end , more powerful vehicles with 6,8 and 10 cylinder engines. Ferrari and Lamborghini of Italy specialise in super cars with 12-cylinder engines.
Sports bikes are trading speciality of Japan and Italy. Computers and its accessories are trading speciality of USA. Similiary digital cameras are mostly made in Japan.
Launching satellites into space is the trading speciality of few countries including India and China. Making satellites is however the speciality of USA and Europe. Similar is the case of aerospace sector and military hardware and this list can go on.
Pakistan's new government needs to decide on the trading specialities of Pakistan, invest in them and promote them in the international market to get out of the vicious cylce of "Failure and Bail-Out from IMF/World Bank".
