ISLAMABAD, Aug 20 (APP):Advisor to Prime Minister on Commerce and Investment Abdul Razak Dawood Thursday said that Strategic Policy Framework (STPF) had been finalized which would bring diversification in local export sector and encourage industrialization in the country.
The Prime Minister was also briefed about the policy framework and he had accorded the approval, he said while addressing a press conference to commemorate two years performance of the incumbent government.
The adviser was flanked by Federal Minister for Information and Broadcasting, Senator Shibli Faraz, Adviser to Prime Minister on Climate Change, Malik Amin Asalm, Chairman Kashmir Committee Shehryar Khan Afridi, Minister of State for Parliamentary Affairs, Ali Muhammad Khan,Minister of State for Climate Change and Adviser to Prime Minister on Institutional Reforms and Austerity Dr Ishrat Hussain. Abdul Razak said that policy framework had formulated with an objective to bring more items under export list including poultry, meat and other products to enhance exports.
Highlighting the challenges that had faced by the government, he said that when Pakistan Tehreek-e-Insaf assumed the powers, it was facing several challenges in economic fronts including de-industrialization and widening current account deficit.
The decreasing exports and increasing imports were among the other issues that were the big challenge in achieving the sustainable economic growth in the country, he added.
He said that government had devised policy to tackle with all these issues and due to continues efforts of all concern departments, the current account deficit came down from $20 billion to $3 billion and special attention had paid to compress imports and enhance exports.
The advisor said that before the start of COVID-19 Pandemic (January), local exports had recorded about 14 percent growth, which reduced but it was gradually improving and witnessed upward trend with the turn around of pandemic.
He said the government had also formulated Export-led Make in Pakistan theme in order support exports of local products and producing the imports substitution to reduce pressure on foreign exchange reserves.
In this regard, the government had also introduced tariff reforms policy and imposed duty on luxury items and reduced duties on the import of raw material used in the manufacturing of exported oriented goods, he added.
Razak Dawood said that in order to exploit the unconventional markets, the Commerce Ministry had organized three- day road show with theme of Look-Africa, which was participated by the representatives from 22 countries.
Due to these road show and look Africa policy, he said that exports from Pakistan to Africa was increased by 14 percent and it would be further focused to enhance the exports of unconventional goods.
Besides, the fundamental wrong structures were also corrected, adding that currently 40 percent of the raw material used by the local industry was duty free and government was determined to provide more facilities for industrial sector.
The government had also announced incentives for export industry and provided special relief in gas and electricity bills by 7.5 cents in order to reduce the cost of local products and make them competitive in international markets.
Razak Dawood said that special focus have been also paid on ease of doing business as Pakistan ranking in ease of doing business had also improved that would further attract foreign investors to invest here.
The e-commerce policy and geographical indication bill were also passed by the parliament that would help in bringing transparency and promoting the exports of cultural goods.
Replaying to a question, Dawood said that cotton output was reduced due to unavailability of certified seeds and pesticides, adding that this year the output may remain same as compared the last year.