PM wants exports to hit $60bn in 3 years

ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday chaired a meeting of the National Export Development Board wherein he tasked the authorities concerned to take the country’s annual exports to $60 billion within three years.

He asked the commerce ministry and other relevant departments to take all necessary measures to achieve the given target. He said the country’s exports crossed the $30 billion mark during the previous fiscal year, and the government’s policies took IT exports to over $3.2 billion. The prime minister asked the ministry to resolve the issues pointed out by the exporters and present a report within two weeks. He said he would personally chair the National Export Development Board meeting every one-and-a-half month.

Calling for collective efforts for the country’s development, he paid tribute to the business community and investors for their role in increasing exports despite tough circumstances. He asked the commerce ministry to finalise policy proposals, in coordination with representatives of potential export sectors. He also tasked the Ministry of National Food Security to improve extension services, in coordination with the provinces, to enhance agricultural exports. He directed exporting quality seeds and agricultural products after further processing and taking measures to introduce crop varieties with high yields. He said the delivery time of Pakistani goods to Europe and America should be reduced by solving the problems related to the shipping of exports immediately.

Similarly, the commerce ministry and the Board of Investment should ensure cooperation regarding the transfer of Chinese export industries to Pakistan. He called for carrying out research and development, innovation and brand development to increase the export of Pakistani goods.

The prime minister warned against any delay by the Federal Board of Revenue in refunds to the exporters, besides emphasizing the trade officers in Pakistani missions abroad to promote Pakistan’s exports and guide the exporters. He tasked the power ministry to present a comprehensive plan to provide low-cost electricity to industries. Highlighting the crucial role of the private sector in national development, he called for the sector’s inclusion in the policymaking process.

The representatives of the export sector appreciated the prime minister for his frequent meetings to resolve their problems and called his keen interest in the export sector “very encouraging”.

They also appreciated the prime minister’s initiative to ensure timely refunds by the FBR to the export industry.

The meeting was briefed on the steps taken for the uplift of the export sector. It was told that exports crossed the $30 billion mark this year and a five-year plan to double the exports was presented in the meeting.

Meanwhile, talking to a delegation of the Hengeng Trading Company led by Chairman Zhang Bin, the prime minister, welcoming Chinese investment in Pakistan, said that during his recent visit to China, a number of significant bilateral business-to-business agreements between the companies of two countries was a good sign.

The prime minister said Pakistan wanted to seek benefits from the Chinese experience in the agriculture sector and directed the Gwadar Port Authority to provide all possible facilities to Chinese companies. He also asked for ensuring uninterrupted supply of utilities at the Gwadar Free Zone.

The prime minister was briefed that the Hengeng Trading Company was investing in agriculture, livestock, medicines and other sectors of Pakistan. The company is also constructing a slaughter house with the latest facilities at Gwadar, at a cost of $50 million. Its completion could generate $30 million annual exports by Pakistan’s livestock sector while it would provide 1,000 new jobs to local populace. The company is also exporting pharmaceutical products to China after processing them at the Gwadar Free Zone.