KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI)'s Senior Vice President Syed Mazhar Ali Nasir has hailed Federal Minister for Finance and Economic Affairs Dr. Miftah Ismail for allocating Rs 24 billion in the budget for second round of export incentives package to help boost exports of the country.
Syed Mazhar Ali Nasir, who is also Chairman of Budget Advisory Council of the FPCCI said although the details of the new incentives package were not available.
However, it is likely to focus on exports of unconventional goods such as small and light engineering goods, fans, leather gloves and agriculture.
In his statement issued from the FPCCI here on Thursday, he appreciated the efforts being made by Dr. Miftah Ismail for improving the competitiveness and make the country capable of achieving the exports target of dollars 150 billion within the next eight years under Vision-2025 of Pakistan Muslim League-Nawaz leadership.
FPCCI's Senior Vice President, referring to the annual budget 2018-18, said that customs duties on raw materials and inputs of 104 tariff lines would be withdrawn and on 28 tariff lines would be reduced.
This is part of tariff restructuring programme for most of the industrial raw materials with the view to reduce the cost of production of indigenous goods and enhance their competitive edge in the global market.
He proposed that Pakistan should diversify its exports by linking up with Global Value Chain (GVC) to signify finished products which are designed, processed, assembled and marketed in different countries.
Under World Trade Organization (WTO), he argued that over 66 percent of global trade takes place through GVCs.
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