Razak Says Exports Matters To Be Discussed In CCI

LAHORE, (UrduPoint / Pakistan Point News - 14th Nov, 2018 ) :Prime Minister Imran Khan is fully on board regarding export issues and it has been decided to discuss the matters pertaining to jacking up country's export, in the meeting of Council of Common Interest (CCI) having representation of chief ministers of all the four provinces.

Prime Minister's Advisor on Commerce, Textile, Industry and Production, and Investment, Abdul Razak Dawood stated this while addressing the participants of 7th Inaugural Ceremony of International Foundry Congress and Exhibition here.

The event aimed at creating new opportunities of investment and possibilities of joint ventures with foreign industrialists attached with foundry and allied industry for enhancing Pakistan exports so as to bring about improvement in country's economy. Experts from local foundries delivered special lectures, while international experts from Europe, China, India and United Kingdom also spoke about new techniques and technology in the engineering sector.

PTI government under the able leadership of Prime Minister Imran Khan, was fully aware of the economic challenges inherited by the past regime, he said and added that country's export history showed that high import duty on raw material dwindled export and low duty geared it up, therefore, the government had lowered or abolished import duties on industrial inputs.

He also assured that government would remove all wrong duties and Regulatory Duty on import of industrial raw materials.

He said that despite all odds and prevailing economic challenges, the government was taking all possible steps to not only attain US$ 25 billion record export figure of country but also go beyond.

He mentioned that trade deficit, current account deficit and fiscal deficit and unjustified duties on import of industrial raw inputs were major factors behind fast declining countries exports, adding that Pakistan export had touched ever high figure of US$ 25 billion a few year back but later it started downward slide and hovered around US $ 18 to 20 billion at present.

PM's Advisor was of the view that Pakistan would have to get away from dependence on textile for exports and would have to explore and add new sectors and markets for giving a big boost to exports. Efforts were also being made to ensure zero-duty on import of industrial raw materials particularly for the export-oriented industry.

Abdul Razak added that the government was also focused on value addition and development of Small and Medium Enterprises (SMEs) which was a prerequisite for industrialization that ensured highest volume of export.

Analysis of some industrial sectors was being conducted and to be finalized and reached the Commerce Ministry by next month, and on the basis of analytical finding, more industries would be included into export sector, he maintained.

He said that Foundry was the fundamental industry of engineering sector, adding, "Engineering sector has to grow and has to become leading export sector of the country." He disclosed that Engineering Development Board (EDB) had been revived for the benefit and development of engineering industry.

Abdul Razak Dawood also appreciated the efforts of people, who made substantial contributions towards engineering sector's development.