Economic revolution only possible through trade promotion: Razak Dawood

FAISALABAD: Adviser to Prime Minister on Commerce and Investment Abdul Razak Dawood has said that sustainable growth in exports is the only solution to cope with the economic problems of the country.

Addressing the members of Pakistan Textile Exporters Association (PTEA) here on Sunday, Abdul Razak Dawood said that the country’s exports had witnessed the highest ever 18pc surge in FY 2020-21 despite adverse impacts of COVID-19 pandemic. The world’s major economies shrunk mainly due to the deadliest COVID-19 waves, but it was Pakistan that showed tremendous performance in increasing the exports, he added.

All credit goes to our valued exporters who performed extremely well even in challenging times of pandemic, he maintained. He said that although we had achieved the highest ever increase in exports, however, there were still huge challenges which needed to be resolved once and for all for attaining sustainability in exports. He said that the PM had strong believes that economic revolution in the country could only be possible through trade promotion and all possible support to export sector was being extended to achieve optimum growth.

Responding to a question, he assured that Duty Drawback of Taxes (DDT) incentive would remain continue for textile exports whereas Export Development Fund would be utilised for export promotion only. While quoting the example of jute industry, he said that the government facilitated it and extended to it zero duty, which resulted in surge in exports of jute products. He stressed the need to focus on diversification and SMEs promotion as these two segments would lead Pakistan towards economic heights.

National Assembly Standing Committee Chairman on Finance & Revenue Faizullah Kamoka said that the textile industry was the backbone of the economy whereas textile exporters were playing a vital role in the economic development of the country. He assured that amendment in Section 203-A of the Income Tax Ordinance would be reversed. Earlier, PTEA’s patron-in-chief Khurram Mukhtar commended the strenuous efforts of the adviser for uplifting the country’s exports. He congratulated the government on achieving the highest ever export growth this year. He said that Pakistan could become an economic giant by utilising its trade and investment potential.