A committee formed by the prime minister to review the Export Facilitation Scheme (EFS) has directed the Federal Board of Revenue (FBR) to suspend the implementation of the revised scheme for the iron and steel sector until the committee finalises its recommendations, BR reported.
The decision was taken during the committee’s first meeting, chaired by Federal Minister for Planning and Special Initiatives Ahsan Iqbal and Federal Minister for Commerce Jam Kamal Khan. The session brought together senior officials from the Ministry of Commerce, the Planning Commission’s Chief Economist, and FBR representatives, along with more than 60 business community members who participated virtually.
The FBR provided a detailed briefing on the EFS, highlighting its recent amendments and identifying instances of misuse. The committee was informed that since its introduction in 2021, the number of EFS licenses has grown from 800 to nearly 2,000. A special enforcement drive initiated in May 2024 has led to a reduction in misuse, particularly benefiting the textile industry, which has seen notable value addition.
Federal Minister Ahsan Iqbal underscored that the prime minister’s directive on export facilitation aims to provide a structured framework that supports investment and enhances Pakistan’s export potential.
He reaffirmed the government’s commitment to fostering a business-friendly environment, in line with its broader export strategy, and urged businesses to adapt to shifting global trade dynamics.
Iqbal emphasised the need for an ambitious export target of $60 billion, stating that Pakistan’s economic stability and security hinge on rapid and sustainable export growth. He urged businesses to move beyond incremental export gains of $1 billion to $1.5 billion and instead aim for expansions of $5 billion to $10 billion.
In light of rising global tariffs and protectionist policies, he stressed that Pakistan must strengthen its production and industrial base to maintain a competitive edge. He further called on businesses to adopt efficiency-driven models, invest in innovation, and integrate technology to secure a stronger position in international markets.
The minister also highlighted the importance of capital investment, stating that increasing Pakistan’s participation in global trade and attracting foreign direct investment must be a top priority.
The committee will continue its review of the EFS framework before submitting final recommendations to the government.
