Plan for low-cost electricity for export industry

While presiding over a meeting of the National Export Development Board (NEDB) on Tuesday, the prime minister said that the domestic exports were over USD 30 billion dollars last fiscal year with IT exports exceeding USD 3.2 billion. He also directed that the problems identified by the exporters should be resolved and a report submitted in the next two weeks, adding that after every one and a half months, he will preside over the meeting of the NEDB. The meeting was attended by the exporters of various sectors including textiles, information technology, leather and agriculture. The meeting was also briefed about the measures taken by the government for the development of the export industry and a plan was also presented to double the exports in the next five years. The prime minister directed the Ministry of Commerce to finalise the policy proposals in collaboration with the representatives of the sectors that have potential of exports. He also directed that Ministry of National Food Security should work with the provinces for the improvement of extension services to increase agricultural exports. He said that quality seeds and further processing of agricultural commodities exports should be ensured while directing that steps should be speed up to introduce high yields agricultural commodities. The prime minister said that the delivery time of Pakistani goods to Europe and America should be reduced by solving the problems of shipping. He asked the Ministry of Commerce and Board of Investment to ensure cooperation regarding the transfer of Chinese export industries to Pakistan. He continued that research and development, innovation and brand development should be done to increase the exports of Pakistani goods and stated no delay on the part of the Federal Board of Revenue (FBR) for clearance of refunds of exporters. The premier also directed that trade officers in Pakistani embassies posted abroad should play their role in export of Pakistani goods to their respective countries and also provide guidance to Pakistani exporters. The Ministry of Power should present a comprehensive plan to reduce the cost of electricity for industries, he said. The prime minister has given the target of increasing the country’s exports to USD 60 billion annually and directed that the Ministry of Commerce and related institutions should take practical steps to achieve the target in the next three years from over USD 30 billion during the last fiscal year. As the role of the private sector is very important in any country for the, the prime minister directed that private sector should be made part of the policy formulation process in order to solve their problems. The exporters appreciated the prime minister’s initiative to provide timely refunds to the export industry on behalf of the FBR.