Govt successfully completing agenda of economic stability: Dawood

SIALKOT: Adviser to Prime Minster on Commerce and Investment Abdul Razak Dawood has said that the government is successfully completing its agenda of economic stability. He was addressing a meeting of exporters at the Sialkot Chamber of Commerce and Industry (SCCI) here on Saturday.

SCCI President Qaisar Iqbal Baryar, Senior Vice President (SVP) Khurram Aslam Butt, Vice President (VP) Ansar Puri, Chairman AirSial Airline Fazal Jillani, Chairman Sialkot International Airline Limited (SIAL) Khwaja Masood Akhtar (Sitara Imtiaz), SCCI former presidents and a large number of business community members were also present.

Dawood said: "We must focus on regional trade. We have very low trade with regions. The EU regional trade is 90 percent."

Dawood said that Prime Minister Imran Khan's visit to Uzbekistan was a successful visit, in which 71 agreements were signed with Uzbekistan. He said Uzbekistan would also prove to be a gateway for Pakistan to other Central Asian countries.

Dawood said that the preferential trade agreement (PTA) would be signed on Sept 30, 2021. Uzbekistan has good relationships with the Central Asian Republics, he added. He said that single country exhibition was going to be held in Tashkent (Uzbekistan) soon to promote a wide range of export goods.

He urged the Sialkot exporters to participate and explore the opportunities internationally. He said that the government had made products exports competitive in the federal budget 2021-22 by rationalising the tariff lines of over 4,000 raw materials, comprising around 42 percent of total imported raw material.

Dawood added that a meeting of businessmen and the chambers would be held after Eidul Azha with the prime minister, to set the targets of exports for the next financial year. Dawood promised his full support in resolution of all issues presented by the SCCI president, and the export sector would be facilitated to the maximum.

He said he would discuss the EXIM Bank issues with the finance minister soon. He congratulated Sialkot exporters for increasing their exports. He also appreciated e-commerce training in Sialkot. Dawood said that economic and industrial boost was top of the economical agenda of the government, for which the government was taking the business community into confidence. He said the Sialkot exporters were playing a role of backbone in strengthening the national economy.

He said that the government was keeping the industrial wheel moving ahead. He said that government's policies would be helpful in establishing strong bases in the country. He said that strong industrial base was also vital for boosting and increasing the national exports, adding that all impediments would be removed from the way of promotion of exports.

He said the government was making hectic efforts to boost national economy, besides removing all hurdles in his way. He said the government was fully aware of the problems of business community and making sincere efforts for their early solution.

SCCI President Qaisar Iqbal Baryar informed the participants about the issues faced by the business community. He discussed various issues of the industry including imposition of five percent Withholding Tax on export companies on account of purchases from unregistered suppliers, decrease in percentage of rebate on sports goods, price fixation issue of beauty and single use instruments industry, release of funds from EDF for child labour elimination programme, enhancement in duty drawback schemes, one-time settlement of time barred DLTL cases, establishment of branch of EXIM bank in Sialkot, facilitation in establishment of Business-to-Business-to-Consumer framework by the SBP, establishment of e-commerce incubation and training centres in Sialkot, permanent representation of SCCI in EDF Board, initiation of back-to-back letter of credit for five export-oriented sectors.

Later, Abdul Razak Dawood visited Pakistan Readymade Garments Manufacturers & Exporters Association (PRGMEA). Dawood assured them that all problems of industrial sector would be resolved amicably.