New Trade Policy is at the anvil to give a quantum jump to the exports from $24 billion to $35 billion within a period of next three years. In this connection the problems confronted by the exporters would be resolved on top priority basis in addition to dole out maximum incentives, said Rana Muhammad Afzal Khan, Parliamentary Secretary Finance.
He was addressing representatives of trade related bodies at Faisalabad Chamber of Commerce and Industry (FCCI). He said that Prime Minister is very serious in this regard and a high-level committee comprising five federal ministers representing commerce, textile, finance, agriculture and industry have been included in this committee along with parliamentary secretaries. The proposed increase of $11 billion is apparently seems very ambitious. However, we are working on various aspects to diversify the exports in addition to maximising the existing traditional exports. In this connection, he narrated the problems, including energy shortage, tariff rationalisation, exchange rate and said the government was also ready to support exporters in skill development, one window facility and zero-rating of exports.
He said the Chambers of Commerce and trade bodies working to increase exports would also be encouraged by the government. Similarly, brand development could also be promoted with cost sharing basis. He said that no doubt SME sector is engine of growth and the government has decided to sell out SME Bank to another private party who will maintain its present status. Similarly, the government has also decided to revive the industrial development of Pakistan and to resolve the long-term financing issues of the exporters. He said that new export promotion zones would also be established to resolve the refund related issues as industry setting up in the zones would be exempted from all taxes. He said that the government has also decided to pay the refund claims of the exporters and this process would be started very soon.
Earlier Eng Rizwan Ashraf, President FCCI welcomed Rana Afzal Khan and other representatives of the export sectors and said that this meeting was convened on the special request of Rana Afzal to discuss the proposed Export Policy. He said that out of total export of $25.2 billion in 2014, the share of textile is around $13.5 billion. He said, "We must resolve the root causes affecting the viability of textile sector which has already been well-defined as shortage of energy, high cost of doing business, delay in refund claims". He said that proposal to set up new EPZ is very positive and FIEDMC was also going to ink Memorandum of Understanding with Export Processing Zone Authority to set up a new export processing zone sprawling over 250 acres of land.
He also complained of high rate of gas and said the government should also take special measures for the revival of sick industries which could easily generate $2 billion in addition to millions of jobs for the unemployed youth.
Mian Javed Iqbal, Navid Gulzar, Khalid Habib, Nadeem Allahwala, SVP, Mian Farhan Latif, Farooq Ajmal, Mian Latif of Chenab Ltd and Mushtaq Cheema from textile sector also attended and said that government should appoint a dedicated textile Minister for this industry which is actually the backbone of Pakistan economy. Mushtaq Cheema former Textile Industry Minister was of the view that the government should focus on textile industry as it was well established and minimum investment is required to run it on installed capacity. He also suggested that the government should consider evaluation of Pak Rupee to give a quantum national exports. In this connection, he suggested that Pakistan should follow the policy of China for its economic growth.