$23bn exports target will be achieved, textile policy soon

KARACHI: Federal Secretary Commerce Muhammad Younas Dagha on Tuesday said that the exports target of $ 23 billion set for the year 2017-18 will be achieved. The Commerce Ministry is working on five-year trade policy, which will be announced soon.

He stated this while talking to media after inaugurating three-day 19th Textile Asia International Exhibition at Karachi Expo Centre.

Secretary, Trade Development Authority of Pakistan, Inamullah Khan Dharejo also accompanied him.

He said that the government was fully alive that Pakistani products faced the issue of high cost production and doing business. Therefore, he continued, it was considering to reduce gas and water tariffs to reduce the production cost.

Pakistan needs foreign investors for achieving economic targets and this could be done by making the investment policies and business environment more attractive to them.

He said that there were different opinions on devaluation of rupee. But, he was in favour because it would help improve the exports. The value of local currency would set pattern of future exports growth.

He urged the local manufacturers to modernize their industrial units to capture regional markets.

Commenting on Pak-China Free Trade Agreement (FTA) he said that due to rising interest of China in ASEAN countries, Pakistan could not avail its real benefits. Pakistan was reviewing FTA with China and the second phase of talks on it would be held next month.

He said Pakistan was trying to overcome the massive under-invoiced imports from China.

Over 450 companies are showcasing 650 products at 800 stalls in the three-day international exhibition. About 1200 foreign delegates, including from China, are participating the exhibition. The participating countries included China, Korea, France, Germany, Italy, Vietnam, Turkmenistan. The event attracted a lot of visitors.

Ms. LI Yang, Vice Division Director, Department of Commerce, Zhejiang province of China, on this occasion, said China-Pakistan Economic Corridor was the true reflection of friendship between the two countries. Pakistan’s had achieved good economic growth, she said.

She praised textile products of Pakistan.

She said that at the exhibition, Chinese companies would sign many deals with their counterparts.

The economy of Zhejiang province was about one trillion dollars. It was for the first time, over 150 companies from Zhejiang province were participating at the textile exhibition.