LAHORE: Prime Minister’s Advisor on Commerce Abdul Razak Dawood said that Pakistan was ready to take its economy forward but the task required sustained efforts.
Talking to media after inaugurating the 2nd International Textile Exhibition (TEXPO) at the Expo Centre on Thursday, he said that the visitors from abroad term Pakistan as a competitive business market for the foreign investors.
Thanking all the guests from inland and abroad, Dawood said that such expos would help enhance the exports of the country, adding that foreign participation in the TEXPO was a good sign.
He said that the small and medium-sized enterprises (SMEs) need to be facilitated and in this regard, the ministry has held several numerous meetings with the Federal Board of Revenue (FBR). “Supply chain is not correct for SMEs and needs special attention for improvement,” he added.
To a question, he said during his visit to Faisalabad, the traders informed him that they had received more orders in March than in July 2018 due to the government’s friendly policies.
“No doubt inflation has increased, however, the situation will improve in the next six months,” he added.
The PM’s advisor said that Prime Minister Imran Khan was going to China by the end of this month where he would sign the second phase of the free trade agreement (FTA).
“We will request China to provide Pakistani products access to its market, similar to that it has given to the Association of Southeast Asian Nations (ASEAN),” he stated, adding that Indonesia was giving Pakistani products duty-free access to its markets.
He said that the government was working on a textile policy which would be completed by the end of this month. “I am very much hopeful for the progress of this industry,” he added.
Dawood emphasized the need to improve value addition, saying the duty on raw material was reduced for this purpose in the two consecutive mini-budgets.
The advisor said that export volume decreased in the month of March and the government was evaluating the reasons behind this decline. “The country is facing giant challenges which are creating hurdles in increasing the exports,” he added.
He stressed on the need to focus on the World Bank report on Pakistan’s economy and hoped that the export of Pakistani products would increase in the next two years.
The advisor on the occasion also visited different stalls and appreciated the work of the participants.
