Assistance: LCCI demands incentives for all export-oriented industries

Says similar concession announced for other sectors will boost economy

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has urged Prime Minister Nawaz Sharif to extend the scope of incentives in the textile package to all export-oriented sectors while additionally, prioritising small and medium export-oriented industries.

In a statement, LCCI President Abdul Basit and Vice President Muhammad Nasir Hameed Khan said that the Prime Minister’s incentive package would go a long way and hopefully boost the country’s exports by around $3 billion by the end of the ongoing financial year.

They said that with the incentives for drawback on local taxes and levies and removal of customs duty on basic raw materials at import level would considerably enhance the export volume.

“Package including removal of custom duty on imports of cotton would greatly help the textile sector to get rid of its miseries. Cotton textile production and apparel manufacturing are Pakistan’s largest industries, accounting for about 66% of the merchandise exports and almost 40% of the employed labour force,” they added and said that the package will increase the competitiveness of Pakistani merchandise in the international market and also lower the cost of doing business.

They said that the zero-rated export oriented sector would achieve the desired goals with the help of incentive package and they would be able to enhance the exports by at least 10%.

The LCCI office-bearers said that same incentive package should be announced for all export-oriented industries to triple the national exports within a short span of time.

According to Basit, the continuous decline in the exports is a matter of concern. “Volume of exports during July to December 2016 remained $9.912 billion that are 3.82% lower than the exports of $10.306 billion during the same period of 2015.”

They said that despite having all ingredients for economic development performance in exports remained below par from the last couple of years.

According to the LCCI team precious foreign exchange always helps any country to economically excel therefore the government would have to provide maximum facilities to the all export-oriented industries.

Published in The Express Tribune, January 13^th, 2017.

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