Make in Pakistan policy to ensure job creation, says Razak Dawood

ISLAMABAD: The federal government will pursue ‘Make in Pakistan’ policy to generate economic activity and rationalise tariffs to ensure an export led growth in a bid to create more jobs in the country, the Adviser to Prime Minister on Commerce and Investment Abdul Razak Dawood told APP on Wednesday.

He said that the focus of the government in the upcoming budget, is to generate economic activity and job creation in the country.

The adviser said that in the wake of Covid-19 pandemic, the import duties on finished products will remain the same in the upcoming budget. However, these duties will be reduced gradually over the next three years to promote competitiveness for export led growth in the country. .

He said that in the past, major part of revenue (approximately 50 percent) was collected through import-related, which is higher than the share of similar revenues collected by regional countries and several times more than that collected by the developed economies.

The adviser said the tariffs in Pakistan are higher than those of the top exporters of the world and significantly higher than the regional competitive economies, which is holding back the true potential of the country.

Replying to a question on tariff rationalization, he said that in the forthcoming budget, the government plans to reduce import duties on raw materials in a bid to increase industrial production in the country that will eventually increase Pakistan’s share of exports in the overall global trade.

“This would not only lead to an improvement in our balance of payments, but it will also create employment opportunities, import substitution and export enhancement”, he said.

 

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