Pakistani Export Industry Is Given Relief In The Upcoming Budget

imports

The export industry is not doing well in Pakistan and at this time Muhammad Younus Dagha, the Federal Commerce Secretary has said that in the upcoming budget, government would give relief to the export industry to delay its diminishing situation.  He talked about it at Lahore Chamber of Commerce & Industry (LCCI).

Mr Younus said that the government would work in collaboration with the private sector to come up with effective policies. He said that effort done individually won’t have the desired result that working together can have. The government wants to provide our export industry with more facilities as given all around the world.

Read more: Budget that can improve trade deficit in Pakistan

As per our Federal Commerce Secretary everything else is in order in the country. Be it foreign exchange reserves, load shedding, mark-up and inflation, everything is being handled. Only export industry needs to boost up. Improvements are being made in Strategic Policy Framework 2015-18 because it has not given the results that were expected. Furthermore he said that there is not enough research being done in the field of agriculture which is a major restriction to development.

Government has reduced the taxes that are on raw materials which are used in the export industry. This relief along with joint collaborations with private sector would hopefully improve the deteriorating situation of export industry of Pakistan.  

Pakistani exports were $24.1 billion in 2015 and they have fallen down to $21.9 in 2016 as Abdul Basit LCCI President mentioned in his speech. He said that we need to work together to control the factors that are blocking economic growth. The decline in export industry is a matter of concern. As per him, the price of doing business and energy cost is much more in Pakistan. We need to construct more industrial and technological parks and provide as much relief as we can to the export industry.