‘New trade policy to attract FDI in exports sector’

KARACHI: The new trade policy will focus on attracting foreign direct investment (FDI) in exports sector and integration of local industry into global value chain, a statement issued by the Trade Development Authority of Pakistan said on Tuesday.

TDAP and the Ministry of Commerce organised a consultative session with the stakeholders in Hyderabad to seek their proposals for the formulation of Strategic Trade Policy Framework 2018/23.

TDAP Director Abdul Karim Memon said that the Ministry of Commerce is devising medium-term trade policy for five years so that businesses could benefit from the incentives announced in the STPF 2018/23. The focus of the new policy would be on boosting exports in the services sector, export competitiveness and investment linkages, particularly measures to attract FDI and integration of local industry into global value chain.

Memon also said that the objective to organise the consultative sessions across the country with the business community, think-tanks and academia is to deliberate on the existing STPF 2015/18, highlighting its loopholes, and identify current issues from the stakeholder’s viewpoint. He emphasised on the stakeholders for giving their proposals based on proper research of markets and data on time so that the ministry could consider them in the upcoming Strategic Trade Policy Framework 2018/23.

The ministry through efforts in collaboration with the businessmen has succeeded in breaking the stagnancy in export profile of the country, he said, adding that after the announcement of exports package of around Rs180 billion by the prime minister and its successful implementation, exports grew at the ratio of 10 percent from June 2017 and this ratio is expected to remain the same till the end of the current fiscal year.