Govt committed for export led growth in int'l market: Razak Dawood

• He said the government was committed for achieving the objective of export led growth to increase the local exports in the international market.
• He said the PTC was the largest tax payer multi-national company of the country, supporting for increasing revenue and economic growth.
• He shared that 30 million US dollars had already been achieved in foreign exchange earnings through exports of tobacco products.

ISLAMABAD: Adviser to the Prime Minister on Commerce, Industries and Investment Abdul Razak Dawood Tuesday said the government was committed for the provision of ease of doing business to improve both foreign direct investments and balance of payments by broadening of the exports base of the country.

He said this while addressing the launching of second chapter of the exports initiative “Made in Pakistan-2” and road map for future manufacturing investments to enhance exports of Pakistan, organized by Tobacco Company Limited (PTC) a subsidiary of a British American Group (BAT) here.

The event was graced by various dignitaries including economists, business maestros and important dignitaries from the government’s economic, investment and commerce teams.

The regional management of British American Tobacco was in attendance too.

He further said the initiative of ‘Made in Pakistan’ by PTC would also complement the prime minister’s ambition of “making Pakistan business friendly” ultimately leading to increased exports and foreign remittances.

He said the government was committed for achieving the objective of export led growth to increase the local exports in the international market.

“In recent global economic slowdown, vigilant and prudent economic policies country is required to coup with the current economic challenges facing by different countries because of coronavirus," the adviser said.

He said the PTC - the first multi-national company of the country - had huge history for the revenue contribution in our budget and also played a role for social corporate responsibility (CSR) to achieve the sustainable development in the country.

The adviser said the PTC also played a role for increasing country’s export, because in this fiscal year 2019-20 they were exported $30 million goods manufactured in Pakistan and sent in the international market.

He also appreciated the PTC's role for the investment, manufacturing and increasing export to the development and prosperity in the country.

He said the PTC was the largest tax payer multi-national company of the country, supporting for increasing revenue and economic growth.

Besides the event while talking to the media, the commerce adviser said during the current month’s local exports had been increased from three to six percent and expected more increase in coming months also.

He informed that upcoming national textile policy would also present after the approval from the Prime Minister Imran Khan for the development and growth in this sector.

He also informed that the name of new Board of Investment (BoI) chairman also to be announced after the resignation of Ex-Chairman Syed Zubair Gillani.

Addressing to the ceremony, Special Assistant to the Prime Minister on Overseas Pakistanis and Human Resource Development Syed Zulifqar Abbas Bukhari appreciated that in addition to the $30 million achieved by the PTC in the shape of exports in 2019, the government expected a large commitment of $50 million dollars through foreign direct investment (FDI) and foreign exchange earnings.

He further said the PTC was testament to a true foreign investment and an international company in Pakistan.

Bukhari said the figures speak for themselves that the company wanted to play a major role in growing the exports of Pakistan exponentially. “Leading the charge by investing in and manufacturing such new categories of potentially reduced risk products such as VELO is admirable," he said.

He said the local manufacturing would not only drive investment, but also income and employment for the country with a great potential as "we see today, for exports”.

Addressing the audience PTC Managing Director Usman Zahur said, “The PTC has always joined hands with the government of Pakistan for making this country economically progressive and business friendly.”

He shared that 30 million US dollars had already been achieved in foreign exchange earnings through exports of tobacco products.

Moreover, 20 million dollars to come through exports of tobacco products and 20 million dollars through FDI.

Usman Zahur informed that the PTC would be entering into manufacturing and eventual export for BAT’s modern oral nicotine products, VELO.

He said Velo factory was first factory in whole of Asia Pacific and Middle East being set up by the PTC and would export from Pakistan to other countries.

With this modern oral nicotine plant, VELO Pakistan would become the base for manufacturing for Asia Pacific and Middle East for BAT and a hub for growing exports of value-added goods from Pakistan to various countries, he added.

He said the BAT was committed to creating a better tomorrow for its consumers, investors, shareholders and employees by driving a step change in the growth our new category business.