Syed Mazhar Ali Nasir, Senior Vice President and Chairman, Budget Advisory Council of the Federation of Pakistan Chambers of Commerce & Industry (FPCCI) has hailed the Finance Minister Dr. Miftah Ismail for allocating Rs. 24 billion in the budget for announcing the second round of export incentive package, before the end of his tenure, to further boost exports.
He disclosed that although the details of the new incentive package are not available however, it is likely to focus on exports of unconventional goods such as small / light engineering workshop; fans; leather gloves; agriculture etc.
He appreciated the efforts being made by Dr. Miftah Ismail for not only taking effective measures gradually to resolve the riddle of falling export competitiveness but to make a realistic case of reaching exports up to $ 150 billion within the next eight years as envisaged by the PML(N) government in its “Vision 2025”. In this respect, describing some of the measures taken in the recently announced Budget, Syed Mazhar Ali Nasir said that customs duties on raw materials and inputs of 104 tariff lines would be withdrawn and on 28 tariff lines would be reduced as part of tariff restructuring programme for most of the industrial raw materials with the view to reduce the cost of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 that are designed, processed, assembled and marketed in different countries. As per WTO, he argued that over 66% of global trade takes place through GVCs.
The FPCCI Sr. Vice President urged the Prime Minister Shahid Khaqan Abbasi and Finance Minister Dr. Miftah Ismail to ensure its implementation even after fag end of their tenure as the exporters have been consistently showing concern on non-implementation of the export incentive package of Rs. 180 billion, in letter and spirit, since its announcement in January 2017.