Prime Minister's Advisor for Commerce, Textile, Industry and Production, Abdul Razak Dawood on Saturday said that tariff structure was being rationalized and streamlined to ensure country's industrial production competitiveness in the global market and ease of doing business.
He stated this during a meeting with representatives of the Punjab industries and all other related departments to have updates on the measures taken by the provincial government regarding promotion of investment and industry. He along with Provincial Minister for Industry, Trade and Investment Mian Aslam Iqbal co-chaired the meeting.
The PM's Advisor asserted that the PTI government had resolved the business community's major problem of access to international market, and after that efforts were being put in place to ensure competitiveness of Pakistani products, citing that to this end, the government had reduced/eliminated various duties on import of industrial raw materials, and other ways and means were also being pondered over for Pakistani products' competitiveness in the global market. However, Pakistan needed consistency in its policies on this count, he opined.
Dawood said that China's imports from the world currently hovered around US$2.1 trillion and Pakistan should take optimum benefits from this opportunity, which could be possible through industrial sector promotion, establishment of state-of-the-art special economic zones and industrial estates.
"China had committed to import Pakistani goods worth up to US$1 billion, for which sugar and rice export targets had been completed while yarn was being exported to China. China had also promised to import other Pakistani goods consignments of the same value after completion of shipments of the first phase. However, Pakistan was targeting to carve out US$200 billion share from Chinese imports," he maintained.
He added that China was also relocating its industrial units to Pakistan and government was focused on improvement of industrial structures as well as full facilitation of the industrialists and business community in an effort to enhance good quality and export-oriented industrial production that would definitely increase country's overall exports' volume and revenues as well.
"You people are doing a lot of good job," he said and added that the provincial government should continue to work with same spirit for investment and industrial promotion for which the federal government would support them fully.
He mentioned that the Japanese government was ready to provide 'technology fund' purely for SMEs (Small and Medium Enterprises), however, "We need to understand that the provincial government has to decide who wants it and who should get it."
On this occasion, Provincial Minister Mian Aslam Iqbal said that the Punjab government was working on the import substitution to reduce the import bill, citing, "Initially, we are focusing the first 20 import items that how can we produce these locally. We will soon be able to ensure local manufacturing of export-quality porcelain tiles and seed oil production."
As per vision of Prime Minister Imran Khan, he added, Punjab government was fully committed to attract maximum foreign direct investment and industrial promotion, which would not only help create huge employment opportunities but also enhance exports volume and revenues.
Iqbal mentioned that the Punjab government was putting in order effective measures for industrial revolution through investment facilitation and advisory, China Industrial Cooperation, strategic initiatives, setting up of special economic zones, industrial estates, and bringing together industrial sectors having potential for joint ventures besides holding B2B (business to business) for match-making.
The meeting also discussed various matters pertaining to Allama Iqbal Industrial City Faisalabad, Quaid-i-Azam Apparel Park Sheikhupura, Sundar Industrial Estate, and establishment of Expo Centre in Faisalabad. On this occasion, the provincial minister also constituted a committee comprising heads of relevant departments that would present a report on way forward for bridging the electricity demand and supply gap to industrial estates on emergent basis. Punjab Industries Department Secretary, Punjab Board of Investment and Trade (PBIT) Chairman, PIEDMC (Punjab Industrial Estate Development and Management Company) Chairman and high-up of all other departments concerned attended the meeting.
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