Trade promotion key for economic revolution

Minister assures businessmen of full support to increase exports


Our Correspondent May 29, 2021
Markets remained closed in Karachi on Saturday as authorities imposed a new set of Covid-19 restrictions. The city’s traders, however, have expressed reservations on the move. PHOTO: NNI

ISLAMABAD:

Minister of State for Information and Broadcasting Farrukh Habib has said that the government is fully committed to expedite growth of commerce to maximum possible level by using all available means. He assured full support and an enabling environment to increase exports, besides creating sustainable jobs to alleviate poverty. Addressing the members of Pakistan Textile Exporters Association (PTEA) on Friday, Habib said that the government was of the view that economic revolution in the country can only be possible through trade promotion and all possible support to export sector is being extended to achieve optimum growth.

Talking about the government's economic achievements, he said that the country's exports surged 13.5%, while the large scale manufacturing grew by 9%. Likewise, foreign exchange reserves had reached $23 billion, he added. Habib expressed hope that exports would reach the $26 billion mark by the end of current fiscal year as it was expected that export of textile items alone would contribute between $15-16 billion. Support to the farmers, coupled with increase in minimum support price, had resulted in bumper crops of rice and wheat, he said, adding that the government had been giving special attention to food security as the prime minister was very concerned in that regard.

Also speaking on the occasion, PTEA Chairman Muhammad Ahmad commended the government's policies and Prime Minister Imran Khan's revolutionary steps to enhance exports. He said that confidence of the business community has been restored as a result of the government's prudent economic policies, which has accelerated the economic process in the country.

Referring to the liquidation of long outstanding refunds of exporters, PTEA's Patronin-Chief Khurram Mukhtar said that this has released the financial stress for exporters. Pakistan can become an economic giant by utilising its trade and investment potential. "By addressing the challenges faced by export sectors especially textile export industry, we can achieve much needed economic growth." He said that we are a country that despite having GSP+ status for preferential trade has not used the opportunity very well. "Pakistan must actively exploit the openings of GSP+ status."

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