Delay in trade policy causing uncertainty for industries

Govt fails to understand urgency of the matter: Lasbela Chamber chief

KARACHI: Lasbela Chamber of Commerce and Industry (LCCI) President Maqsood Ismail has criticised the inordinate delay in announcement of the industrial and trade policy framework and the exporter package, saying the uncertainty is creating problems for industries and exporters.

“Although the prime minister promised the announcement of the Strategic Trade Policy Framework (STPF) a few days ago, the government fails to understand urgency of the matter,” he said, adding delays in taking decisions often cost much to the people and economy.



“The industry is in a really bad shape, particularly the export-oriented industry that is struggling for survival,” he added.

Comparing the country’s exports worth $24 billion to Bangladesh’s $31 billion and Vietnam’s $97 billion, he said the world would not wait for Pakistan to announce its trade policy.

“The top export category for both these economies is textile. Foreign buyers have made it clear to us that they will not wait for us to announce the STPF,” he said.

“We are working in a highly competitive international environment and our peers are occupying the available space in international trade each passing day, leaving little for Pakistani companies.”

He lamented that the industrial sector was facing multiple issues and suggested that any policy or package should give special treatment to the sectors that provided employment to a large number of people.

Ismail praised the Khyber-Pakhtunkhwa (K-P) government for announcing the industrial policy and giving incentives to the industrial units.



“Other provinces should follow in the footsteps of the K-P government and come out with a clear-cut industrial policy and give investors every possible incentive and assistance.”

He also drew attention of the newly elected chief minister of Balochistan towards announcing a trade and industrial policy and called for opening up new avenues for industrialisation in the province.

Published in The Express Tribune, January 3^rd, 2016.

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