The Lahore Chamber of Commerce & Industry (LCCI) has expressed the hope that upcoming Trade Policy will focus on addressing issues hindering growth of exports. "The government needs to realize that the country requires a paradigm shift to enable local businessmen to become globally competitive and thus give much needed boost to the country's exports," LCCI President Malik Tahir Javaid, Senior Vice President Khawaja Khawar Rashid and Vice President Zeshan Khalil said on Saturday.
They suggested the government to introduce a new scheme for exports under which zero-rated import of some inputs should also be allowed. They said that economic challenges, particularly low exports and high trade deficit demand a well-consulted and powerful trade policy which can become a driving force for the economy. The LCCI office-bearers maintained that high utility prices are hitting the exports, therefore, the government should focus on addressing this issue that has not only jacked up the cost of doing business in the country but also making our exports uncompetitive.
They said the government would have to tackle pressing supply side constraints including cost of capital on priority basis for enhancing competitiveness as Pakistani merchandise are fast losing their due share in the global market only because of their high prices. They also urged the government to focus on South America and African Union where competition is low and profits are high. They said the country's exports can become an engine of growth and prosperity in Pakistan if relevant institutions, both in public and private sectors, implement a well-tailored, well-planned and widely-discussed strategy.
They said attention towards identification of new markets for Pakistani merchandise can do a lot for the country. The Pakistani missions abroad and the Lahore Chamber of Commerce and Industry must play a proactive role in this regard. They said that oil import bill is one of the major reasons of high trade deficit, therefore, alternative fuels and resources should be promoted. They said that duty-free import of plants, machinery and equipment should be allowed for establishment of new industries. They said machinery and spare parts should be imported from the nearest countries while institutions should be established to produce skilled manpower for mining sector.
They said that Trade Development Authority of Pakistan (TDAP) should support Pakistani delegations visiting abroad. They said that garment cities should be established in Lahore, Karachi and Faisalabad while expo centres in other cities should also be established. LCCI President Malik Tahir Javaid said: "Today the country's industrial sector is facing multiple challenges including high input cost, lack of innovation, low productivity, less foreign investment, lack of product and geographical diversification."
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