KARACHI: President of the Korangi Association of Trade and Industry (KATI) Johar Qandhari has expressed strong support for Prime Minister Shehbaz Sharif's directive to increase exports to $60 billion over the next six years. The directive was issued during a recent meeting of the Export Board chaired by the Prime Minister.

Qandhari emphasised the critical need for providing facilities to exporters to achieve this ambitious target. "To increase exports, it is essential to reduce the cost of production, especially the prices of electricity, gas, and the interest rate," he said.

He also highlighted the persistent issue of delayed refunds from the Federal Board of Revenue (FBR), which has exacerbated the challenges faced by industrialists. "The Prime Minister has called for the release of refunds, but the delay in payments by the FBR continues to increase difficulties for the industrial sector," Qandhari noted.

Qandhari pointed out that Pakistan's export sector has the potential to exceed $60 billion annually, provided the government formulates a supportive policy in consultation with industry stakeholders.

He commended the recent growth in IT exports, which reached $3.2 billion, and stressed that with appropriate incentives, other sectors such as textiles, rice, surgical instruments, leather, fruits, and vegetables could also surpass expectations.

"Achieving this target will be challenging if the high production costs and taxes imposed in the recent budget on the export sector are not addressed," Qandhari warned. He urged the government to eliminate these burdens to prevent the export industries from slipping into crisis.

Furthermore, Qandhari stated that resolving the longstanding issues faced by industrialists is crucial. "Until the legitimate and long-standing problems of industrialists are resolved, it will be not only difficult but impossible to fully utilise their potential and achieve the export targets," he concluded.

Copyright Business Recorder, 2024