All the successful and emerging economies of the world have enhanced their exports by liberalising import policies, said Commerce Minister Humayun Akhtar Khan on Saturday. "No country can enhance exports without liberalising its import policy," he told PTV while speaking about high import bill for the year 2004-05.
Now, gross domestic product (GDP) growth rate of the country stood at 8.4 per cent, he said adding there was direct link between the growth and import.
He termed the import of machinery as a very healthy sign for the development and progress of the country.
The Minister said 39 per cent more raw materials has been imported as compared to the previous year which narrated the success story of industrial revolution taking place in the country.
It is reflective of the increasing industrial activities in the country Humayun Khan said adding production capacity was being enhanced by adopting the latest technology and machinery in industrial sector.
With the use of this machinery, the country would be able to produce more and qualitative goods to export and compete in the international market, the Commerce Minister said.
He said government has liberalised trade regime while earlier there was a Chief Controller Import/Export for the issuance of permits. Now, there was no such requirement as the trade regime has been made liberalised, he added.
About the economic improvement of the country he said balance of payment in trade was at a good position. Debt servicing capacity of the country was standing at a high notch, while foreign exchange reserves were dollars 13 billion.
However, he admitted there was an infrastructure constraint in the industrial sector.
He said that in collaboration with the public-private partnership, new industrial zones were being established in major cities while the existing industrial parks were being upgraded. Affluent treatment plants were being installed at all industrial zones. Textile cities were being set up at Karachi, Lahore and Faisalabad.