ISLAMABAD: Adviser to Prime Minister on on Commerce, Industry and Investment Abdul Razak Dawood has said that a new export policy would be announced in January 2020.
In an interview with software and data company Pakistan was considering offering tax divisions to various industries with export potential to boost outbound trade.
Dawood was quoted saying, “Growing exports from the current over $20 billion a year is Pakistan’s plan to increase foreign exchange earnings and end a chronic boom-and-bust cycle.”
He added, “Textiles currently account for about 60 percent of Pakistan’s total exports. The new plan complements the central bank’s aim to offer cheap credit to export-oriented industries to diversify that basket.”
While discussing the strategies on how exports can be boosted, he said, “If we want to go to $100 billion or $200 billion exports like Malaysia or Thailand, you are not going to do it on textiles.”
According to Dawood, exports of Pakistan that are particularly textiles, became competitive after the rupee’s devaluation and duty cuts, citing a 36 percent jump in quantity of garments shipments.
Pakistan’s trade deficit narrowed 33 percent to $9.7 billion in the five months to November, as imports dropped by 18 percent and exports rose 5 percent in the same period, he added.
Read more: Exports in November increased by 9.6%: Razzak Dawood
Dawood said he was seeing interest from Chinese companies that wanted to set up factories in Pakistan and use them as a hub for exports.
On the other hand, China planned has to finance projects valued at $60 billion since 2015 and has helped end the nation’s chronic energy blackouts.
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