Pakistan drafting strategic framework to boost exports

PM aide says government aims to encourage exports, discourage imports

ISLAMABAD: The Ministry of Commerce is actively working to encourage exports and discourage imports, said Adviser to the Prime Minister on Commerce, Industries and Investment Abdul Razak Dawood.

Addressing the 5th Pakistan Pharma Summit, organised by the Pakistan Pharmaceutical Manufacturers’ Association (PPMA), he said that successive governments had failed to boost export-led growth and emphasised on imports, which caused piling up of debt.

“Our strategy is to seek export-led growth followed by import substitution,” he said. “Textile sector alone cannot take exports to the $100-billion mark.”

Dawood pointed out that the pharmaceutical industry was overburdened by government and non-government factors, which triggered suffocation in the industry.

He reaffirmed that the commerce ministry was drafting a strategic framework to boost exports in 26 sectors of the economy.

Detailing further, he said that the strategy involved three factors ie tariffs, enablers and impediments.

“Work on strategic exports framework is complete and it will be incorporated in the upcoming budget,” he said. “After implementation of the framework, there will be no need to announce sector specific incentives.”

He lamented that past governments relied solely on textile sector to boost exports.

Dawood further regretted that the textile sector of the country was not at par with the global market.

“Pakistani industries fail to register themselves with the global certification institutions due to which, country’s products do not gain access to global markets.”

Addressing the summit, speakers highlighted that worldwide demand of pharmaceutical products stood at $17 trillion and Pakistan securing just 1% share could make a drastic difference. 

Published in The Express Tribune, February 20^th, 2020.

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