ISLAMABAD: Advisor on Commerce Razak Dawood on Tuesday said that Korean company Samsung had initally refused to come to Pakistan; however, later the company changed its earlier decision and agreed to come to Pakistan.
“A joint venture with a local partner is on to establish a manufacturing and assembly plant in the country,” he informed.
According to details, Lucky Motor Corporation, a subsidiary of Lucky Cement Ltd (LCL), has signed an agreement with Samsung Gulf Electronics Co, FZE for producing Samsung mobile devices in Pakistan.
Similarly, the virus was also found inside the packing of consignments sent by six fish companies, due to which China has curtailed imports from these companies, stating poor hygiene standards.
DG Trade Policy Waqas Azeem briefed the committee that exports targets in the last two programmes were not realistic and hence unattainable. In previous trade policies, the emphasis was on three markets, including China and the EU.
Additional Secretary Commerce Mujtaba Memon apprised the committee that the government has reduced energy rates for industries. Duty and taxes on the raw materials have been slashed too, he added. “We have created new trading partners. Our emphasis on exports in new development sectors other than the traditional sector has also contributed to our exports,” he said.
The commerce adviser said the government has not offered any subsidy to the industry in energy. “The sector should be provided electricity at par with the industries of the rival countries. The new DLTL policy is going to be extended to new areas besides the traditional ones,” Dawood added.
He emphasised that Pakistan’s exports were minimal and the country has to look towards new sectors. “We are bringing 11 new sectors including engineering goods, pharmaceuticals, auto parts, fruit and vegetable, meat and poultry which will further improve our exports,” he underlined.
Senator Muhammad Qasim said that some foreign companies were coming to Pakistani waters for seafood which was leaving local fishermen in a nasty situation.
Senator Muhammad raised a question regarding the number of marble and minerals industries in Khyber Pakhtunkhwa (KP). The commerce ministry should also focus on these areas, he added.
He highlighted that after the merger of integrated areas, people were not being given loans to set up industries. The Senate committee chairman noted that the funding ratio of loans in Balochistan and KP was meagre. For KP, the loan funding rate is one per cent, while for Balochistan it is less than 0.5pc.
The commerce adviser assured the committee that they would solve the mentioned problems while focusing on marble and minerals.