Economic growth’s success thanks to govt’s rational approach: PM

Nawaz reviews Pakistan’s exports

Economic growth’s success thanks to govt’s rational approach: PM

ISLAMABAD: Prime Minister (PM) Nawaz Sharif chaired a meeting to review measures taken by the Government to enhance Pakistan’s exports.

The PM stated that the present government, due to its rational approach and sound policies, achieved great success in the economic growth that was acknowledged by the international economic institutions. Nawaz added that the Pakistani stock markets showed phenomenal bullish trends, inflation rate has decreased and investors are now keen to invest in Pakistan.

Nawaz was informed that the major issues in exports include international suppliers competing with Pakistani goods, comparative incentives on exports where other economies are providing higher incentives and Taxation regime. The PM was also told about the facilitative measures provided by the government for the support of plant and machinery for agro-processing, upgrading the technology fund, brand and certification development, incentives on product development and related taxes and levies.

The premier said that to develop the export sector, key enablers including quality infrastructure, labour productivity, access to utilities and technological development needs to be focused upon. Moreover, local and international standard convergences, intellectual property’s protection and effective and efficient disputes resolution mechanism were all essential to boost exports.

He directed the finance division, commerce division, Federal Board of Revenue (FBR) and the Board of Investment to come up with proposals to improve the situation. The PM further directed that these proposals should be presented in the next meeting, in presence of business representatives, to ensure the input from business community.

The meeting was attended by Finance Minister Ishaq Dar, Commerce Minister Khuram Dastagir Khan, Planning and Development Minister Ahsan Iqbal, BOI Chairman Miftah Ismaeel, secretary to the PM, secretary finance, chairman FBR and other senior officials.