(13 July, 2018)
President Pakistan Businessmen and Intellectuals Forum (PBIF), President AKIA, Senior Vice Chairman of the Businessmen Panel of and former provincial of Mian Zahid Hussain on Friday said that Government to take measures for introducing local products internationally in order to get increased share in international trade. To develop local industry, free trade agreements (FTAs) with other countries should be reviewed and renegotiated accordingly. To improve foreign reserves, increase production and export of value added sector should be focused.
The veteran business leader while talking to the business community said that ministry of commerce and FBR should waive regulatory duties on import of raw material so that higher cost raw material for export sector can be controlled. Competitive energy tariff should be given to export sector in accordance to the competitors in the region including China, Bangladesh and India where energy tariff is half compared to Pakistan. Instead of short term packages to export oriented industries, better long term policies should be formed which may support the cause of export sector’s development through improved production and technical developments.
The former minister said that access to new international markets is vital to increase Country’s export for which necessary measures should be taken by the respective authorities. Competitive custom rebate facility should be given to the export sector so that Pakistani industrialists may also join the regional competition. It is important to be vigilant on concessions being provided to export promotion zones (EPZs) under CPEC so that existing industry do not get undermine and the basic aims of increased exports and job creation may be achieved. Government should take measures to stop misuse of Afghan trade transit so that legal imports may be improved.
Mian Zahid Hussain said that fiscal policy should be reformed with focus on ease of doing business, lowering cost of doing business, use of latest technology and growth in value added products in order to encourage the investment opportunities in export oriented sector and growth of industrial sector.
He said that role of SME sector is vital in economic development of Pakistan. For growth of small medium industries easy and instant loans should be provided to this sector. SME credit is negligible as compared to other countries, for which Government and State Bank of Pakistan should take required measures. International proportion of value addition to be achieved with joint venture of Agriculture & Industrial Sectors.