‘Pakistan’s overall exports likely to reach $27 billion’

KARACHI: The business community is optimistic about the country’s overall exports and expects it will reach $27 billion during the current fiscal year.

Speaking at the inaugural ceremony of the International Maritime Seaboard Exhibition at the Federation House, United Business Group Patron S M Muneer said this is likely because of the reforms introduced by the government, which provided the export-oriented industry much-needed space.

The event, organised by the E-commerce Gateway, is scheduled to start from March 5, 2019.

To recall, Finance Minister Asad Umar unveiled a package of measures to boost exports and investment last month. Measures include enhanced ease of doing business, lower taxes for small and medium-sized businesses and cutting taxes on imports of industrial raw materials.

Talking about maritime industry, Muneer said that Pakistan was only earning foreign exchange worth $500 million from its maritime sector, adding that if the business community was facilitated, this number could increase to $2 billion, as the businessmen would direct their resources towards profitable avenues.

FPCCI President Daroo Khan said that the chamber would support the government in its endeavour to strengthen economy and urged to reactivate Marine Investment Board to develop the coast and marine tourism. He underlined the need of modern technology to develop Pakistan’s seafood industry and exports.

FPCCI Senior Vice President Mirza Ikhtiar Baig said that conventional ways of fishing and nets needed to be replaced with the modern techniques as adopted by the rest of world. The exhibition would serve as a catalyst in the development and promotion of Pakistan’s maritime industry, he added.

Former FPCCI president and UBG leader Khalid Tawab urged the federal government to play its due role in the development of shipping industry and reviving Pakistan National Shipping Corporation (PNSC).

He underlined the need of fishermen training, improvement of storage system and upgradation of auction halls on international standards.

Former Commander Pakistan Fleet Rear Admiral Arifullah Hussaini (Retd) encouraged the business community to share their vision regarding the development of shipping and fishing sector.