Shehbaz sets ambitious $60bn export target

ISLAMABAD: Prime Minister Shehbaz Sharif has directed the formulation of a comprehensive strategy to increase Pakistan’s exports, aiming to take the exports to $60 billion in the next five years.

Presiding over a meeting here on Thursday, Prime Minister Shehbaz Sharif directed the formulation of a comprehensive and effective strategy to take the exports to $60 billion in the next five years. He stressed paying special attention to the sectors of services, information technology and agriculture.

The prime minister said a strategy should be adopted to increase the production capacity of industries by bringing reforms in the tariff structure and making the system easy and simple. He instructed his economic team to introduce sustainable reforms for the tariff system to achieve economic progress and enhance exports.

During the meeting, the prime minister was briefed about the steps taken to reform the Ministry of Commerce and increase the export target to $60 billion in the next five years. It was informed that the tariff was gradually decreased in the last two years.

The Ministry of Commerce was hosting international-level exhibitions every year in Pakistan to expand exports. Consultations were also continuing with all stakeholders on the Strategic Trade Policy Framework 2025-30. The consultation on the E-commerce policy was in the final stage of completion and would be presented for the approval of the cabinet next month.

The prime minister also chaired a meeting to review reforms in the health and pharmaceutical sectors. He directed that a drug testing laboratory of good standard should be established in Islamabad to ensure the quality of medicines according to the international level. He also instructed the launching of mobile hospitals to provide health facilities in the outskirts of Islamabad, Gilgit-Baltistan, Kashmir and Balochistan. He ordered an operation in collaboration and consultation with the provincial governments against counterfeit drugs.

The prime minister said research in the medical field should be undertaken to increase exports of the pharmaceutical sector. The meeting was further told that the present export volume of medicines was $500 million and the Ministry of Health was taking steps to enhance exports by carrying reforms including the provision of research facilities. The prime minister also held separate meetings with MNAs Muhammad Idrees, Ehsanul Haque Bajwa and leaders of Pakistan Muslim League (N) Mohsin Shahnawaz Ranjha and Shah Muhammad Shah.

Meanwhile, the prime minister is likely to approve a Rs20.5 billion Ramazan Relief Package proposed package today (Friday). In case of a green light, the prime minister will announce the package.