Dawood informs PSMA: Duty on raw material imports being slashed
KARACHI: Advisor to Prime Minister for Commerce and Investment, Abdul Razak Dawood has said the economy has begun showing positive trends as a result of government strategic decisions.
Addressing the annual dinner of Pakistan Soap Manufacturers Association (PSMA), he said that with support of government's policies, Pakistan had now overcome current account deficit and a balance was clearly visible and there were signs of growth in exports.
He said the government was taking steps to slash import duties on raw materials with a view to bringing down cost of production and increasing and decreasing volume that would allow export margin.
Chief Guest also assured that government would slash import duty on raw materials, especially palm oil to promote the soap manufacturing industry because that industry was very important as they were manufacturers of soap, detergent, sanitizer and other health care products.
He further said that "we are watching the situation carefully and we hope that all matters will be managed in a better way for better economy results."
On the occasion, Chairman PSMA Zafar Mahmood presenting brief introduction of PSMA said "our Association is very old one since 1968 and presently, there are more than 150 members except many national companies, there are various multinationals like Unilever, P&G, Colgate Palmolive and Reckitt Benckiser etc."
PSMA members are manufacturers of soap, detergent, sanitizer and other essential products of daily use and this industry played an important role during Covid-19.
He said the government helped out and provided facilities to this industry especially during lockdown so that production of health care commodities does not face problems during lockdown.
He appreciated the economic activities of the government for understanding of genuine demands of the industry. He assured the advisor that the Soap Manufacturers would make all out efforts to explore international markets for their products.-PR
Copyright Business Recorder, 2020
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