PM Shehbaz Reveals Plans to Double Exports to $60 Billion

Prime Minister of Pakistan, Shehbaz Sharif, appears to have a rather ambitious goal, where the country’s annual exports are concerned.

He wants to double the exports of Pakistan to $60 billion within three years. He ordered the Ministry of Commerce and other relevant agencies to come up with practical measures for achieving said goal.

The Goal

The premier headed the National Export Development Board meeting that was conducted in Islamabad. He said that Pakistan’s exports have managed to surpass the $30 billion mark in the last fiscal year.

He added that government policies had also helped in boosting IT exports to $3.2 billion, which was no small feat.

Shehbaz also said during the meeting that exporters have highlighted some issues that should be resolved promptly in the next two weeks.

He also asked for a report to be submitted on the matter. The premier asserted that he would chair the meetings of the National Export Development Board every month and a half.

He said that they all need to work together for the country’s progress.

He went on to say that even though the circumstances had been very challenging, he appreciated the investors and business personalities who had helped boost the country’s exports.

The Directives

The Prime Minister also issued additional directives. These included instructions given to the Ministry of Commerce for finalizing policy proposals after collaborating with representatives from export-related sectors.

The Ministry of National Food Security was also instructed to work with provinces for improving extension services.

He also said that high-quality seeds should be provided for export and agricultural products should be further processed for same.

Shehbaz also highlighted the need to fix shipping problems to bring down delivery times to the US and Europe.

He called upon the Board of Investment and Ministry of Commerce to assist in the relocation of Chinese export industries to Pakistan.

The Steps

The premier said that they need to focus on innovation, research and development and brand development.

This would not only help in giving exports a boost, but also help Pakistani products in establishing a unique identity.

He also added that they would not tolerate any delays in refunds to exporters by the FBR. He said that trade officers working in global Pakistani embassies should also try to facilitate and guide exporters.

The PM also called on the Ministry of Power to come up with a comprehensive plan for reducing electricity rates for industries.

He said that the development of a country depends considerably on its private sector. Therefore, it should be a part of the policy formation to deal with the issue.

Representatives of the export industry were full of praises for the Prime Minister for meeting consistently to resolve their issues.

They also acknowledged the special interest he has shown in the export sector and praised his initiative of ensuring timely FBR refunds.

Some of the other attendees of the meeting included Finance Minister and Deputy Prime Minister Ishaq Dar, Chairman FBR, Governor State Bank and several Federal Ministers.

A substantial number of exporters from various sectors, including agriculture, leather, IT and textiles were also in attendance.