KARACHI: Prime Minister Nawaz Sharif Thursday said his government is committed to making Pakistan the preferred destination for business. Addressing the launch of Expo Pakistan, country's biggest trade fair that showcases the largest collection of Pakistan's export merchandise and services, he said that Pakistan is a land of business opportunities.
"We offer our foreign buyers a very competitive sourcing option. The captains of our industry have carved out their niche in the world market due to their production efficiencies and business ethics," he said. The Prime Minister said his government is dedicated and committed to economic development of Pakistan.
"My team and I are actively engaged to bring in long-term reforms in socio-economic sectors of Pakistan. We are well aware of the aspirations of the people of Pakistan and will do our utmost to vindicate the trust reposed in us," the Prime Minister said. He said owing to consistent efforts, his government has succeeded in enhancing Pakistan's exports to its highest ever turnover of over US $25 billion during the fiscal year 2013-14.
"I am sure our entrepreneurs will maintain and further accelerate this growth momentum to achieve the export level of US $50 billion within three years," the Prime Minister said. The Prime Minister said the government recently approved its Textile Policy, which is aimed at doubling the exports of textiles and clothing sector from existing US $13 billion to US $26 billion by the year 2019.
He said that Asia is gradually emerging as the new global economic hub and Pakistan is fortunate to be located in the high economic growth neighbourhood. He said that Pakistan is currently not part of this highly competitive economic growth activity but has a strong resolve to achieve a similar target. The Prime Minister particularly highlighted the performance of Pakistani textile and apparel industry and said it is considered amongst the world's leaders. The bedsheets, quilt covers, T-shirts and jeans produced in Pakistan are sold at international leading chain stores from discounters to upscale outlets and under leading brand names.
Prime Minister said that Pakistan has modern rice milling and processing industry and its exotic Basmati rice has made its mark in the world market. All these production advantages offer "unlimited business opportunities" that has been aptly chosen as the slogan of Expo Pakistan. He said as an incentive to adding profitability to business ventures, Pakistan has effectively negotiated the bilateral, multilateral and pluri-lateral trading arrangements with many regions and countries in the world enabling its products to enter the foreign markets at lower tariffs.
In this regard he mentioned the South Asian Free Trade Agreement (SAFTA) that is in operation and aimed at liberalising trade with its South Asian neighbours. He said bilateral free trade agreements with China, Sri Lanka and Malaysia already exist. "We have also entered into Preferential Trading Arrangements with Iran, Mauritius, Indonesia and similar arrangements with D-8 countries have been finalised.
"I would specially mention here the opportunity of zero rated market access to our biggest export market of European Union under GSP Plus scheme," the Prime Minister told the investors. He said his government was committed to devising a consistent policy direction for its trade and industry. "We have announced a three-year Strategic Trade Policy Framework providing a long-term policy framework for consistency and predictability for businesses and to be able to plan and strategize expansion and growth.
"I have emphatically directed the concerned government agencies to simplify procedures, reduce red tape, and enhance transparency and efficiency creating a business-friendly environment," he said. He said he is very mindful of the challenges confronting country's industry and export sectors. He said the energy crisis has adversely affected national industry in meeting delivery commitments with foreign buyers.
"Our government has made the solution of this problem as its first priority and we have considerably improved the energy supply situation. "We are continuously working on further improving the situation and hope to overcome the problem in not-so-distant a future. This must provide an added comfort level to our foreign collaborators while dealing with Pakistani suppliers," he said.
The Prime Minister said in the current highly competitive economic environment, no country can afford to be complacent in terms of retaining its international market share particularly of its most competitive products. "I exhort exporters to double the efforts in the coming years for further enhancing exports of Pakistan," he said and added that he has also instructed the Ministry of Commerce and Trade Development Authority of Pakistan to extend maximum possible support to them, as his government considers it a national priority.
The Prime Minister also encouraged exhibitors to try and build long-term business relations with their customers to establish MADE IN PAKISTAN as a reliable and recognisable brand the world over. He also noted that the TDAP (Trade Development Authority, Pakistan) was taking the EXPO abroad and will be organising 'Aalishan Pakistan' in London. "I am sure it will be great success," he said. He later handed over trophies amongst outstanding exporters.