Pakistan’s PM Shehbaz Sharif Sets Ambitious $60 Billion Export Target for Pakistan
Islamabad, The Gulf Observer: Prime Minister Shehbaz Sharif chaired a meeting of the National Export Development Board on Tuesday, directing authorities to increase Pakistan’s annual exports to $60 billion within three years. The Prime Minister emphasized the importance of coordinated efforts by the commerce ministry and other relevant departments to achieve this goal.
Prime Minister Sharif highlighted that Pakistan’s exports had surpassed the $30 billion mark in the previous fiscal year, with IT exports reaching over $3.2 billion due to supportive government policies. He instructed the commerce ministry to address exporters’ concerns and submit a report within two weeks, affirming his commitment to personally chair the National Export Development Board meetings every six weeks.
Recognizing the vital role of the business community and investors in boosting exports under challenging conditions, the Prime Minister called for collective efforts to propel the nation’s development. He urged the commerce ministry to finalize policy proposals in collaboration with representatives from key export sectors and tasked the Ministry of National Food Security with improving extension services to enhance agricultural exports.
Prime Minister Sharif directed that quality seeds and agricultural products should be exported after further processing and that measures should be taken to introduce high-yield crop varieties. He emphasized the need to reduce the delivery time of Pakistani goods to Europe and America by resolving shipping-related issues promptly.
The Prime Minister also highlighted the importance of transferring Chinese export industries to Pakistan and urged the commerce ministry and the Board of Investment to facilitate this process. He stressed the need for research and development, innovation, and brand development to boost Pakistani exports.
The Prime Minister warned the Federal Board of Revenue against delays in processing refunds for exporters and emphasized the role of trade officers in Pakistani missions abroad in promoting exports and guiding exporters. Additionally, he instructed the power ministry to develop a comprehensive plan to provide low-cost electricity to industries. He also called for the inclusion of the private sector in the policymaking process, acknowledging its crucial role in national development.
Representatives of the export sector appreciated Prime Minister Sharif’s proactive approach and frequent meetings to resolve their issues. They welcomed his interest in the export sector and his initiative to ensure timely refunds by the FBR.
The meeting included a briefing on the steps taken to uplift the export sector, noting that exports had crossed the $30 billion mark this year and that a five-year plan to double exports was presented.
In a related development, Prime Minister Sharif met with a delegation from Hengeng Trading Company, led by Chairman Zhang Bin. He welcomed Chinese investment in Pakistan and highlighted recent significant bilateral business agreements between Pakistani and Chinese companies. The Prime Minister expressed Pakistan’s desire to benefit from Chinese experience in agriculture and directed the Gwadar Port Authority to facilitate Chinese companies and ensure an uninterrupted supply of utilities at the Gwadar Free Zone.
The Hengeng Trading Company is investing in various sectors, including agriculture, livestock, and pharmaceuticals. It is constructing a state-of-the-art slaughterhouse in Gwadar, expected to generate $30 million in annual exports for Pakistan’s livestock sector and create 1,000 jobs. The company is also exporting pharmaceutical products to China after processing them at the Gwadar Free Zone.
