The United Business Group (UBG) of FPCCI on Thursday lauded the efforts of Prime Minister, Muhammed Nawaz Sharif to boost exports through incentives and improved supply of energy.Energy projects of CPEC would add around ten thousand and five hundred megawatt of electricity in the national grid within two years while other initiatives would also add thousands of megawatt of power providing relief to masses, industry and agriculture, said a press release here on Thursday.
Similarly, the recently announced export package and other moves had reduced cost of doing business for the export sector, due to which, the confidence of investors was improving, said Haji Naseemur Rehman, central leader of the UBG. Macro-economic stability had been achieved through prudent and sound economic policies, he said, adding that GDP growth had averaged more than 4 per cent per annum during the last three years and reached 4.71 per cent last year which was highest in eight years.
The foreign exchange reserves had exceeded $ 24 billion recently which stabilised exchange rate, he added. He said that exemption of textile raw material from duties would bring down cost of doing business and boost exports while the move speaks about the interest of the Prime Minister in boosting economy. Haji Naseemur Rehman said that Government had announced zero rated sales tax on the import of machinery other than the locally-manufactured ones and the sales tax incentive was also available on the import of raw cotton and further supply to the spinning industry which were good steps.