Prime Minister Shehbaz Sharif presided over the National Development Exports Board meeting, where he set an ambitious target of increasing Pakistan's domestic exports to $60 billion per year.
The prime minister emphasized the importance of practical steps by the Ministry of Commerce and related institutions to achieve this goal over the next three years.
Export growth, sector development
In his address to the meeting, Prime Minister Sharif highlighted the country's recent export achievements, noting that Pakistan's exports exceeded $30 billion in the last financial year. He also praised the information technology sector, which saw exports surpass $3.2 billion.
"Solve the issues pointed out by the exporters and submit a report in the next two weeks," the PM directed, underscoring his commitment to resolving export-related challenges. He announced that he would personally preside over the National Development Exports Board meetings every one and a half months to ensure consistent progress.
Prime Minister Muhammad Shehbaz Sharif chairs a meeting of National Export Develeopment Board (NEDB), today in Islamabad. pic.twitter.com/g7slsae3gI
— PMLN (@pmln_org) July 23, 2024
"Everyone has to work hard for the development of Pakistan," he stressed.
Shehbaz called on the Ministry of Commerce to collaborate with sector representatives to finalize policy proposals aimed at enhancing export potential. He stressed the need for improved extension services in agricultural exports and the introduction of high-yielding types of agricultural commodities to boost productivity.
"The Ministry of National Food Security should work with the provinces to improve extension services, and ensure the export of quality seeds and agricultural commodities through further processing," he stated. The premier also instructed the Energy Ministry to present a comprehensive plan to reduce the cost of electricity for industries.
He also said that the export of quality seeds and agricultural commodities should be ensured by further processing and steps accelerated to introduce high-yielding types of agricultural commodities.
Addressing export challenges
To facilitate smoother export processes, Prime Minister Sharif highlighted the need to resolve issues related to the shipping of exports and to reduce the delivery duration of Pakistani goods to Europe and America. He emphasized the importance of cooperation from the Board of Investment with the Ministry of Commerce in transferring Chinese export industries to Pakistan.
"Research and development, innovation, and brand development should be worked on to increase the exports of Pakistani goods and make them unique," he urged. Additionally, the PM assured that the Federal Board of Revenue (FBR) would expedite the refunds of export taxes without delay.
"No kind of delay in the refunds of export taxes will be tolerated on behalf of the FBR," the PM stressed.
Role of trade officers, private sector
The prime minister called on trade officers in Pakistani embassies worldwide to play an active role in promoting Pakistani goods and guiding exporters. He also recognized the pivotal role of the private sector in national development and stressed the importance of including them in policy formulation processes to address their challenges.
He directed Energy Ministry to present a comprehensive plan to reduce the cost of electricity for industries.
The PM concluded by saying that around the world, the private sector played a key role in the development of any country. To solve the problems of the private sector, they should be made a part of the policy formulation process, he suggested.
