LCCI seeks incentives for all export-oriented industries

The Lahore Chamber of Commerce and Industry has urged the Prime Minister of Pakistan to extend the scope of incentives package to all the export-oriented sectors while small and medium export-oriented industries should be given priority in this regard.
LCCI President Abdul Basit in a statement on Thursday said that Prime Minister's incentive package would go a long way and hopefully will boost the country's exports by around three billion dollars by the end of ongoing financial year. The Prime Minister's package with the incentives for drawback on local taxes and levies and removal of customs duty on basic raw materials at import level would considerably enhance the export volumes. He said that Package including removal of Custom duty on imports of cotton would greatly help the textile sector to get rid of its miseries.
"Cotton textile production and apparel manufacturing are Pakistan's largest industries, accounting for about 66 percent of the merchandise exports and almost 40 percent of the employed labour force. Cotton and cotton-based products account for 61 percent of export earnings of Pakistan," he added. He said the package would increase the competitiveness of Pakistani merchandise in the international market and also lower the cost of doing business.
The zero-rated export oriented sectors would achieve the desired goals with the help of incentive package and they would be able to enhance the exports by at least 10 percent, he said and stressed the need for providing the same incentive package for all export-oriented industries to triple the national exports within a short span of time.
He said that continuous decline in the exports was a matter of concern. He said that volume of exports during July to December 2016 remained 9.912 billion dollars that wee 3.82 percent lower than the exports of 10.306 billion dollars during the same period of 2015.
Despite having all resources and factors of economic development, Pakistan's exports performance remained below of mark from last couple of years. Precious foreign exchange always helped any country to economically excel therefore the government should provide maximum facilities to the all export-oriented industries, he added.
While citing the example of food industry, the LCCI President said the government's support to that sector could help Pakistan to lead in the international market, to generate huge revenue for the government and if all export-oriented industry was given bailout and incentive package, the economic benefits would be out of proportion.
He said the rice, fruit & vegetable, furniture, cement, tiles, marble, cutlery, electrical appliances, software, livestock meat, chicken, powdered milk, wheat, seafood and defence equipment were the sectors where a little attention of the government could do miracles on the economic front.