ANL 23.79 Increased By ▲ 0.03 (0.13%)
ASC 16.30 Increased By ▲ 0.10 (0.62%)
ASL 22.65 Increased By ▲ 0.30 (1.34%)
BOP 8.44 Increased By ▲ 0.22 (2.68%)
BYCO 8.87 Decreased By ▼ -0.06 (-0.67%)
FCCL 18.51 No Change ▼ 0.00 (0%)
FFBL 24.60 Decreased By ▼ -0.30 (-1.2%)
FFL 17.88 Decreased By ▼ -0.05 (-0.28%)
FNEL 8.50 Increased By ▲ 0.02 (0.24%)
GGGL 22.46 Increased By ▲ 0.16 (0.72%)
GGL 43.50 No Change ▼ 0.00 (0%)
HUMNL 7.10 Increased By ▲ 0.25 (3.65%)
JSCL 21.41 Increased By ▲ 1.27 (6.31%)
KAPCO 38.01 Decreased By ▼ -0.01 (-0.03%)
KEL 3.61 Increased By ▲ 0.04 (1.12%)
MDTL 3.08 Increased By ▲ 0.01 (0.33%)
MLCF 36.60 Decreased By ▼ -0.50 (-1.35%)
NETSOL 158.00 Increased By ▲ 3.85 (2.5%)
PACE 6.01 Decreased By ▼ -0.13 (-2.12%)
PAEL 31.73 Increased By ▲ 0.33 (1.05%)
PIBTL 9.46 Increased By ▲ 0.08 (0.85%)
POWER 8.09 Increased By ▲ 0.04 (0.5%)
PRL 21.13 Decreased By ▼ -0.02 (-0.09%)
PTC 10.45 Decreased By ▼ -0.15 (-1.42%)
SILK 1.54 No Change ▼ 0.00 (0%)
SNGP 43.30 Decreased By ▼ -0.05 (-0.12%)
TELE 23.00 Decreased By ▼ -0.23 (-0.99%)
TRG 176.50 Increased By ▲ 9.25 (5.53%)
UNITY 35.20 Increased By ▲ 0.48 (1.38%)
WTL 3.28 Increased By ▲ 0.16 (5.13%)
BR100 5,020 Increased By ▲ 46.19 (0.93%)
BR30 24,672 Increased By ▲ 456.13 (1.88%)
KSE100 46,855 Increased By ▲ 138.32 (0.3%)
KSE30 18,633 Increased By ▲ 73.09 (0.39%)

Coronavirus
VERY HIGH Source: covid.gov.pk
Pakistan Deaths
27,004
6624hr
Pakistan Cases
1,215,821
3,01224hr
5.3% positivity
Sindh
447,678
Punjab
418,196
Balochistan
32,671
Islamabad
103,549
KPK
169,972

ISLAMABAD: Prime Minister’s Advisor on Commerce and Invest-ment, Abdul Razak Dawood has said that the government will reduce tariffs on raw materials of textiles, pharmaceuticals, chemicals, dairy, food processing, engineering and footwear etc in the federal budget.

Talking to Business Recorder, he said, Commerce Ministry’s effort is that there should be no duty on industrial raw material, adding that he has held a maiden meeting with the newly appointed Finance Minister, Shaukat Tarin and another is due soon.

In reply to a question, he said, the philosophy of Commerce Ministry’s budget proposals is to encourage and support domestic industry for “Make in Pakistan”.

He contended that with reduction in duties on raw materials, not only would industry grow but also exports will increase and philosophy of “Make in Pakistan” will work.

Dawood said another issue is the anti-export bias which necessitates determining which sector/industry needs more support to raise exports. Industries that need support include glass, food (mangoes, potatoes, Kinnows, dates), engineering (two wheelers and three wheelers), transformers and cutlery. The Wazirabad based cutlery industry’s quality is very close to international standards and if they are given support, their exports will increase.

In textiles, home textile, towels, and garments need support. In textiles, there are a few sectors where Pakistan has not succeeded in raising exports so far i.e. ladies garments, sweaters, suits, shirts. These sectors will be supported in the budget. The government will also extend support to technical textiles for example very sophisticated fabrics and zips used in jackets.

“Our philosophy is, reduce duties, support Make in Pakistan, import substitution and extend support to a few important sectors,” he said.

In order to make industry competitive, it is important to reduce cost of doing business for which reduction in cost input (raw materials) is critical. Commerce Ministry began its efforts to reduce the cost of inputs from budget of 2019, then again in budget of 2020-21 and the same is the target in the budget 2021-22.

Strategic Trade Policy Framework (STPF) 2021-2025 was presented before the Economic Coordination Committee (ECC) of the Cabinet which agreed to the framework. Now the Ministry is working on individual policies in each area like fruits and vegetables, engineering, poultry, rice, mangoes, Kinnows, potatoes.

“This is a constant process and work will continue to improve existing policies,” he added.

The Economic Coordination Committee has also constituted a two-member committee comprising Razak Dawood and SAPM on Power and Petroleum, Tabish Gauhar to discuss energy issues of industry.

Answering a question Razak Dawood said he would meet Tabish Gauhar on Saturday to discuss ways to ensure competitive energy tariffs for Pakistani export oriented industry as is being given by Bangladesh, Vietnam, China and Cambodia.

Copyright Business Recorder, 2021

Comments

Comments are closed.