A Reuters file photo.
Addressing businessmen at the Karachi Chamber of Commerce and Industry (KCCI) on Monday, he said that we have to move beyond the five export-oriented sectors to boost exports.
The adviser rejected the impression that exporters are not being paid tax refunds, saying that the government had paid Rs17.5 billion in refunds and will give further refunds to sectors other than textile during the ongoing month.
Talking about diversification, he said that the meat and poultry exports witnessed a jump of 54%. The adviser revealed that according to data meat and poultry items were being exported to Saudi Arabia and the UAE. On the other hand, around 60 tons of seafood was exported to China, which jumped around 34%.
He reiterated that growth of SME sector was the government’s top priority and there was a great need to support its growth.
He said that it was our policy to avoid duties on exports, and in this regard the ministry was working on a plan with the Federal Board of Revenue.
He said that if India is giving duty drawbacks on 1,000 items then we also need to increase our number of goods.
Addressing concerns regarding high duties and gas shortage, he said, “You all know what the economic condition of the country was; we were losing $2 billion but the situation has changed now.”
He said that the economic situation is not as bad as it is being portrayed and assured the businessmen that the country was now on the road to stability.
“Our external position is stable [now], we even recorded a current account surplus,” Dawood added.
The adviser said that the new tariff has been set and will now be part of the industrial process under the Ministry of Commerce. He further added that 26 new sectors had been planned and were almost completed.
He said that a rationalisation policy was underway and would be finalised soon.
Also speaking on the occasion, KCCI President Agha Shahab Ahmed Khan said that doing business had become extremely difficult following high electricity rates, exorbitant interest rates and high fuel prices amid other issues. He urged the government to address these issues so that industries can grow otherwise the economic performance will continue to decline.
He said that the harsh measures taken by the government to deal with the trade deficit had adversely affected industries.
(with additional input from APP)
Published in The Express Tribune, January 12th, 2020.
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