Govt striving to boost exports, says minister

Published September 15, 2022
Federal Minister for Commerce Syed Naveed Qamar. —Photo courtesy: Twitter/Naveed Qamar
Federal Minister for Commerce Syed Naveed Qamar. —Photo courtesy: Twitter/Naveed Qamar

ISLAMABAD: Comm­erce Minister Naveed Qamar on Wednesday said that the government was committed to providing a level playing field and reducing the cost of doing business for export-oriented sectors to bring down the current account deficit.

He expressed these views while addressing a virtual session organised by South Punjab Investment Forum in collaboration with USAID.

“I am glad to inform you that textile exports during FY22 reached a historically high level of $19.3 billion despite the fallout of Covid-19 and severe economic challenges,” said the minister.

It was time to promote value-added products, he said, insisting: “I assure you that our incentives would only be available to value-added products.”

Mr Qamar highlighted the steps taken by the government, including the supply of energy at competitive tariffs, disbursement of around Rs42bn from April to June 2022 to mitigate prevailing liquidity issues due to severe economic challenges, duty-free import of cotton and reduction of customs duties on import of dyes and chemicals, adding that duty-free import of textiles and apparel machinery has been continued.

He said the commerce ministry had formulated the Textiles and Apparel Policy 2020-25, which would address matters like value addition, product diversification, skill development, productivity and ease of doing business, etc.

“We need to attract investment in the textiles and apparel sector to enhance our manufacturing capacities. I would also like to remind you that SMEs across the world are engines of growth for any country,” he remarked.

He stressed the need to encourage “Make in Pakistan” products, noting Pakistan had less than 2pc share in the global textile market, which needed to be enhanced with practical steps.

Meanwhile, Mr Qamar also held a meeting with Fina­nce Minister Miftah Ismail and National Food Security Minister Tariq Chee­ma to discuss the import of weed-resistant cotton seeds. The indus­try has urged the government to allow the import of cotton from India.

Published in Dawn, September 15th, 2022

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Smog hazard
Updated 05 Nov, 2024

Smog hazard

The catastrophe unfolding in Lahore is a product of authorities’ repeated failure to recognise environmental impact of rapid urbanisation.
Monetary policy
05 Nov, 2024

Monetary policy

IN an aggressive move, the State Bank on Monday reduced its key policy rate by a hefty 250bps to 15pc. This is the...
Cultural power
05 Nov, 2024

Cultural power

AS vital modes of communication, art and culture have the power to overcome social and international barriers....
Disregarding CCI
Updated 04 Nov, 2024

Disregarding CCI

The failure to regularly convene CCI meetings means that the process of democratic decision-making is falling apart.
Defeating TB
04 Nov, 2024

Defeating TB

CONSIDERING the fact that Pakistan has the fifth highest burden of tuberculosis in the world as per the World Health...
Ceasefire charade
Updated 04 Nov, 2024

Ceasefire charade

The US talks of peace, while simultaneously arming and funding their Israeli allies, are doomed to fail, and are little more than a charade.