Adviser says exports improving

LAHORE: Adviser to Prime Minister for Commerce, Textile, Industry, Production and Investment Abdul Razak Dawood appreciated the increase in value-added products, and said 14 percent rise in export and 18 percent fall in imports in July 2019 over July 2018 showed things were moving in the right direction.

He was speaking at the LCCI Export Trophy – 2019.

Giving an overview of the economy in the past, Dawood said, “We had a trader led importation consumption driven economy in the past. Uncontrolled imports, under-invoicing, contrary to the fact tariff structures and irrational exchange rate dwindled the economy.”

He said big industries stopped manufacturing and started import because there was 5.0 percent duty imposed on finished goods as compared to 20 percent on the import of raw materials.

“Our survival lies in exports. It is government’s responsibility to give businessmen market access,” he said, adding that China has agreed to extend duty free access on 313 tariff lines.

“I have targeted 5 countries USA, Canada, Japan, Korea and Australia to get market access for Pakistani businessmen,” the advisor added.