Federal Minister for National Food Security and Research Rana Tanveer Hussain said the government is pursuing export-led growth to support economic stability and reduce the current account deficit, and pledged to address issues raised by traders and exporters.
He was speaking as chief guest at a ceremony held at the Lahore Chamber of Commerce and Industry on Friday, attended by LCCI President Fahim ur Rehman Saigol, chamber members and other participants.
The minister said the government and business community should jointly develop a comprehensive strategy to increase exports, adding that higher exports would help ease pressure on the external account. He said the government has provided facilities to exporters, including tax reductions on export-oriented cotton, and said further steps would be taken.
Referring to past support for the textile sector, he said incentive packages of up to Rs50 billion at a time had been given but exports had not risen in line with those measures. He also said interest rates and the policy rate had been reduced, and expressed hope that the policy rate would move to single digits.
Rana Tanveer Hussain said improving productivity and quality in local industry and agriculture was necessary to compete internationally and expand market access. He said livestock accounts for 60pc of agriculture and noted that exports are already taking place, adding there is scope to increase exports by improving quality.
He also highlighted the halal food market and said facilities would be provided to support the business community in that area. He said the government is focusing on seed quality and provision of certified seeds to farmers, while fertiliser prices have been kept uniform and supply uninterrupted.
On trade expansion, he said efforts are underway to increase exports of edible items, meat, livestock, rice and other commodities, and cited steps to enhance trade with Iran, including exporting 300,000 tonnes of rice to Iran. He also referred to olives and fisheries as sectors with export potential and said Pakistan should expand export access, including to African and other emerging markets.
He said Pakistani ambassadors have been instructed to support export promotion as part of the government’s approach, and emphasised the role of overseas Pakistanis in supporting the economy. LCCI officials and other speakers said the business community would support the government in meeting export targets.
