MoC shares its financial woes with Senate panel

ISLAMABAD: The Commerce Ministry Friday shared its financial woes with Senate Standing Committee on Commerce, saying that its budget and foreign exchange availability from State Bank of Pakistan (SBP) have choked its efforts for improvement.

Briefing the Standing Committee on Commerce, Secretary Commerce, Sualeh Ahmad Faruqui said the Ministry is facing budget issues due to which it has also become difficult to manage expenses of Pakistani missions abroad at this time.

“The rise in the value of the dollar has also created problems. We have held meetings with the SBP to transfer funds for exhibitions but nothing materialized.

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The Commerce Ministry used its funds of Abu Dhabi Expo to support Expo in Germany,“ said Secretary Commerce. The Chief Executive, Trade Development Authority of Pakistan (TDAP), Zubair Motiwala endorsed the viewpoint of Secretary Commerce.

The Commerce Ministry refused to extend a subsidy for an expo to be organized in Toronto (Canada) by a Pakistani female entrepreneur Bushra, who briefed the committee about her plans to organize exhibition of Pakistani products. The Commerce Ministry and TDAP, however, offered all out support with respect to visas for exhibitors.

The committee directed to appoint a focal person to resolve issues related to visa of exporters.

Briefing the standing committee, TDAP Chief Executive Zubair Motiwala said the TDAP has changed its strategy for export enhancement. He said earlier there was emphasis on increasing exports only to America and Europe. “We are trying to increase Pakistan’s exports to Africa.

Pakistan goods are being given worldwide access,“ said Zubair Motiwala. In reply to a question, Secretary Commerce said that India has faced embarrassment with respect to registration of Basmati rice at the global level.

“Indian effort to register Pakistani Basmati rice under its own name in Europe has been thwarted. India has also failed to register Basmati rice in Australia,” he said adding that in the US, legal proceedings are ongoing on the issue of Basmati rice registration.

He said that Pakistan has registered Sindhi mango, Oranges, Pink salt under its name under Geographical Indicators (GIs). TDAP, CEO Zubair Motiwala said that last year Pakistan’s exports were more than $ 31billion, but this year exports are expected to decrease.

Pakistan has the potential to take its exports up to $ 150 billion. Exports of fruits, vegetables, IT sector and seafood have huge potential for growth. Efforts are being made to increase mango exports from the country and efforts are underway to export by undertaking value addition in dates.

Exports of date palm from Pakistan can be increased manifold. Pink salt is increasing its exports. Commerce Secretary said that India has not got a special market for Basmati in the European Union. Pakistani rice is being branded and exported. Presently Pakistani basmati rice export to Europe is more than India’s. Efforts are being made to increase export of seafood products.

TDAP is trying to increase exports to Africa and Central Asia. Working for Halal food market is also under consideration. He further said that the current cost of doing business in Pakistan has increased a lot and needs to be addressed.

Earlier, the Committee Members protested against Commerce Minister Naveed Qamar’s non-participation in the meeting. Dr. Ramesh Kumar Vankwani also walked out. In the meeting, TDP’s measures to facilitate the exporters were reviewed. Commerce Secretary acknowledged that the Ministry of Commerce is facing budget problems.

Copyright Business Recorder, 2023