Prime Minister Nawaz Sharif on Thursday exhorted officials to take adequate steps to increase Pakistan’s exports, even as he underlined the need for quality infrastructure and technological development to mitigate competition from other countries. Chairing a meeting here to review measures taken by the government to enhance exports, Sharif expressed confidence in the country’s economy and urged officials to submit proposals that can boost exports.
The Prime Minister claimed that the present government due to its rational approach and sound policies achieved great success in economic growth which has been acknowledged even by the international monetary institutions.
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“Our stock markets have shown phenomenal bullish trends, inflation rate has decreased and investors are now keen to invest in Pakistan,” said the Prime Minister.
He was informed that major issues identified regarding exports include competitive international suppliers who are also competing with Pakistani goods, comparative incentives on exports where other economies are providing higher incentives and favourable taxation regime.
Sharif said that in order to develop the export sector, key enablers including quality infrastructure, labour productivity, access to utilities and technological development needs to be focused upon.
“Moreover, convergence of local and international standards, protection of intellectual property, and effective and efficient disputes resolution mechanism are also essential to boost exports,” he said.
He directed Finance Division, Commerce Division, Federal Board of Revenue (FBR) and Board of Investment (BOI) to come up with sound proposals for improving the situation.
Sharif further directed that these proposal be presented in the next meeting in presence of business representatives so as to ensure input from the business community.
The meeting was attended by Minister Finance Ishaq Dar, Minister Commerce Khuram Dastagir Khan, Minister Planning & Development Ahsan Iqbal and other senior officials.