Key Takeaways:
– Prime Minister Shehbaz Sharif targets $60 billion in exports within three years.
– The commerce ministry is tasked with resolving exporters’ issues promptly.
– Emphasis on enhancing agricultural exports and IT sector growth.
Export Development Strategy
Prime Minister Shehbaz Sharif has set an ambitious target of $60 billion for Pakistan’s exports, urging the commerce ministry and relevant departments to take swift action to achieve this within the next three years. The announcement was made during a National Export Development Board (NEDB) meeting, which the prime minister will personally chair every six weeks to ensure progress.
Addressing Exporter Challenges
Sharif instructed the Ministry of Commerce to resolve issues highlighted by exporters and submit a report within two weeks. The ministry is also tasked with finalizing policy proposals in coordination with key export sectors. The Ministry of National Food Security has been directed to enhance agricultural exports by improving extension services and introducing high-yield crop varieties.
The prime minister noted that the country’s exports exceeded $30 billion in the previous fiscal year, with IT exports surpassing $3.2 billion. He called for increased research and development, innovation, and brand development to further boost exports.
Enhancing Export Efficiency
Efforts to reduce delivery times for Pakistani goods to Europe and America were emphasized, with immediate action required to address shipping-related issues. Additionally, the Commerce Ministry and the Board of Investment are to facilitate the transfer of Chinese export industries to Pakistan.
Recent Export Achievements
The prime minister noted that the country’s exports exceeded $30 billion in the previous fiscal year, with IT exports surpassing $3.2 billion. He called for increased research and development, innovation, and brand development to further boost exports.
Support for Exporters
Sharif stressed the importance of timely refunds by the Federal Board of Revenue (FBR) and urged trade officers in Pakistan’s missions abroad to actively promote exports and assist exporters. The Power Division has been tasked with presenting a plan to provide low-cost electricity to industries.
Collaboration with the Private Sector
Highlighting the vital role of the private sector, Sharif called for its inclusion in the policymaking process. He praised the business community and investors for their contributions to increasing exports despite challenging conditions. Representatives from various export sectors expressed appreciation for the prime minister’s proactive approach and frequent meetings to address their concerns.
Meeting Insights
The meeting included a briefing on steps taken to boost the export sector, with the announcement that a five-year plan to double exports was presented. Attendees included Deputy Prime Minister and Foreign Minister Ishaq Dar, federal ministers, and representatives from textiles, IT, leather, agriculture, and other sectors.
