Govt promises more relief for exporters in budget
Says policies framed without private sector’s input could not give desired results
PHOTO: REUTERS
LAHORE:
Commerce Secretary Muhammad Younus Dagha has announced that more relief will be given to exporters in the upcoming federal budget, acknowledging that exports of the country are facing a challenging situation.
“The government is committed to providing relief to export-oriented industries to arrest the decline in shipments,” he said, adding duties and taxes had already been reduced on raw material being used in the industries.
Speaking at the Lahore Chamber of Commerce and Industry (LCCI) on Wednesday, Dagha pledged to promote consultation with the private sector to make policies more effective, believing that policies framed in isolation could not give desired results.
“Government wants to give the same incentives in the budget to the export-oriented industry as are being given by the competitors,” he said while pointing out that all economic indicators were good apart from exports.
Foreign exchange reserves are at high levels, mark-up and inflation are at the lowest while the industry is facing no load-shedding. He stressed that the Strategic Trade Policy Framework 2015-18 was being improved as it had not produced expected results.
Saying that lack of research and development work in the agriculture sector was a major bottleneck, he asked the private sector to join hands with the government as joint ventures and collaboration in the food sector could help exploit its huge potential.
LCCI President Abdul Basit called for dealing with the factors restricting economic growth in the country.
“Pakistan’s exports fell to $21.9 billion in 2016 from $24.1 billion in 2015. A 5% decline has been registered in exports of the manufacturing sector including carpet, sports goods and surgical instruments,” he said.
Voicing concern, he pointed out that exports to 89 countries had gone down after they started importing goods from other countries. He cited high cost of doing business and energy prices compared to regional competitors as factors that were destroying the comparative advantage of Pakistan.
Basit emphasised the need for value addition and promotion of light engineering industry in order to gain the greatest advantage from the global market.
Published in The Express Tribune, May 25th, 2017.
Commerce Secretary Muhammad Younus Dagha has announced that more relief will be given to exporters in the upcoming federal budget, acknowledging that exports of the country are facing a challenging situation.
“The government is committed to providing relief to export-oriented industries to arrest the decline in shipments,” he said, adding duties and taxes had already been reduced on raw material being used in the industries.
Speaking at the Lahore Chamber of Commerce and Industry (LCCI) on Wednesday, Dagha pledged to promote consultation with the private sector to make policies more effective, believing that policies framed in isolation could not give desired results.
“Government wants to give the same incentives in the budget to the export-oriented industry as are being given by the competitors,” he said while pointing out that all economic indicators were good apart from exports.
Foreign exchange reserves are at high levels, mark-up and inflation are at the lowest while the industry is facing no load-shedding. He stressed that the Strategic Trade Policy Framework 2015-18 was being improved as it had not produced expected results.
Saying that lack of research and development work in the agriculture sector was a major bottleneck, he asked the private sector to join hands with the government as joint ventures and collaboration in the food sector could help exploit its huge potential.
LCCI President Abdul Basit called for dealing with the factors restricting economic growth in the country.
“Pakistan’s exports fell to $21.9 billion in 2016 from $24.1 billion in 2015. A 5% decline has been registered in exports of the manufacturing sector including carpet, sports goods and surgical instruments,” he said.
Voicing concern, he pointed out that exports to 89 countries had gone down after they started importing goods from other countries. He cited high cost of doing business and energy prices compared to regional competitors as factors that were destroying the comparative advantage of Pakistan.
Basit emphasised the need for value addition and promotion of light engineering industry in order to gain the greatest advantage from the global market.
Published in The Express Tribune, May 25th, 2017.