Pakistan’s Prime Minister Shehbaz Sharif urged businesses to propose ways to increase exports
Pakistan’s Prime Minister Shehbaz Sharif, at a meeting with representatives of the business community in Islamabad, called on industrialists and entrepreneurs to submit proposals on increasing exports. As Dawn reports, the head of government stressed that the country’s economic growth must be export-oriented.
Business proposals
Sharif explained that the meeting was held in September, in the first quarter. He asked business representatives to outline ways to increase exports, potential difficulties along the way, and options for overcoming them.
The prime minister cited special tax incentives for exporters as one mechanism for stimulating exports. According to him, before the federal budget was presented in June, the government held a series of meetings and intensive consultations with the business community.
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Statements on reforms
Shehbaz Sharif stated that the structural changes implemented over the past two and a half years were the result of cooperation between the government and business. He also said that, thanks to enforcement measures, the state collected 800 billion Pakistani rupees in one year without introducing new taxes.
In July, Planning Minister Ahsan Iqbal stated that Pakistan seeks to diversify export products and markets in order to achieve sustainable economic growth of 6%. Finance Minister Muhammad Aurangzeb, for his part, said that the government is creating conditions for sustainable growth, which is to be driven by the private sector and export-oriented.
Export credit insurance
Earlier this week, Sharif supported the launch of export insurance coverage introduced by the Export Development Fund and the Export-Import Bank of Pakistan. According to him, a 3 billion rupee risk pool is expected to expand small and medium-sized businesses’ access to export credit insurance and help increase export volumes.
