Increase in exports vital for revival of economy: Asad Umar

FAISALABAD: Federal Finance Minister Asad Umar has said that steady and sustained increase in exports is imperative to revive the national economy.

He said this while addressing the business community of Faisalabad at the Faisalabad Chamber of Commerce and Industry here on Saturday. The minister said that the PTI in line with its manifesto had launched its journey to make Pakistan economically stable and progressive country to get rid of the IMF. He denied the news that price of gas had been fixed at Rs600 per MMBTU. He told that we were proposing the gas price at 6.5 dollars and electricity rates at 7.7 cent per unit. However, on the other hand, the IMF was pressurising us to further increase the price of electricity, he added. “We were also being asked to withdraw the package already given to the industrial sector”, he disclosed.

He said that we would make our own decisions in the best interest of the nation and the country. Regarding distribution of taxes between the Federation and provinces, he told that we had to reconstitute the National Finance Commission to give its award. In this connection, he had already written letters to the chief ministers with a follow up reminder to nominate their representative but no reply had been received so far. He also mentioned establishment of sugar mills in cotton belt and told that the State Bank of Pakistan had worked on this issue, which would be presented in the next meeting of the Economic Coordination Council. He said that cotton production had declined and it had become difficult for us to harvest even 10 million bales of cotton. Underlining the importance of agriculture sector, he said that neither new water reservoirs were established nor we concentrated on R&D, which had multiplied our agriculture related problems.

Federal Finance Minster Asad Umar announced that the government would extend more facilities to the filers but the noose would be tightened around the neck of non-filers.

Regarding Chiniot Dam, he said that it was a good proposal and he would discuss it with MNA Qaisar Sheikh. Regarding closed and sick units, he said that approximately Rs 1.5 billion had been invested in the shape of machinery and infrastructure in these units. We could get maximum dividend from these units by reviving them, he proposed. “However, a comprehensive policy for sick units would be finalised in consultation with concerned stakeholders.”

Asad Umar urged the business community to concentrate on value addition, global supply chain, Research & Development and emerging trends so that we could get a sizeable share from the global markets. He appreciated a proposal to set up textile research centre in Faisalabad and assured that he would take up this issue with Adviser to PM Abdul Razzaq Dawood. Regarding other petty issues, he asked FCCI president Syed Zia Alamdar Hussain to constitute a delegation and visit Islamabad so that their issues of important nature could be sorted out with the concerned quarters. State Minister for Revenue Hammad Azhar also underlined the need to promote tax culture in Pakistan. He said that actually we were adding burden on our coming generation.