Gujranwala to gain prominent position in engineering export: adviser
ISLAMABAD: The industries in Gujranwala could gain a prominent position in the export of engineering goods in the coming years through increasing the productive manufacturing, a senior government official said.
During a meeting with Gujranwala Chamber of Commerce and Industry (GCCI) president Umar Ashraf Mughal and other senior business leaders, Adviser to the Prime Minister on Commerce and Investment Abdul Razak Dawood said that Gujranwala already had a manufacturing base for engineering goods and the government is ready to provide all possible facilities for further innovation and improvement.
Dawood said that the government wanted to introduce its non-traditional products, especially engineering goods, in the international market, which has a strong potential to increase Pakistan’s exports.
“The government is looking for new markets, especially in the African market, where we need to increase exports of light engineering goods,” the adviser said.
Dawood expressed the hope that by the end of the fiscal year 2022, the country’s exports would reach $40 billion by following the policy of trade diversification in potential trade sectors and markets.
The export diversification, focusing on non-traditional sectors and increasing exports to new markets, including the African market, would not only enhance the volume of the country’s exports, but would also help achieve the export targets, he said.
“Made in Pakistan” is the government’s top priority trade policy, which aims at introducing Pakistan’s traditional and non-traditional export sectors and local products in the international trade market.
Pakistan now wanted to make a name for itself in the world in non-traditional sectors, including engineering and pharmaceuticals, the adviser said, adding: “Geographical trade diversification and search for [the] new markets will further increase our exports.”
Dawood said: “We have decided to move towards import substitution, which will increase our exports and create more industries in the country.”
Pakistan was moving towards rapid development due to correct, solid trade and economic policies, he said, adding that the engineering and steel goods have huge potential to become Pakistan’s biggest exports like the other biggest sectors, including textile, he said.
“We need economic sustainability for at least the next 10 to 15 years to become a significant export hub globally” Dawood said.
“As soon as the Afghanistan situation is clear, we will be able to export many Pakistani products to Tajikistan, Uzbekistan and other Central Asian States,” he added.
Dawood said that to enhance the country’s exports, the government has entered into different trade agreements with various countries.
The government was trying to increase exports from the country, while reducing imports, he said, adding that the government was aware of the problems of the steel industry.
The adviser said: “I wish that there should be no difference between the tariffs of industrial and commercial importers and the import of raw materials.”
Gujranwala has good potential in the industry, especially the cutlery projects so the focus should be on the export of cutlery items, he said.
Meanwhile, Gujranwala Chamber of Commerce and Industry (GCCI) president Umar Ashraf Mughal said that by increasing production in the engineering goods and steel industry in Gujranwala, “we can increase our country’s exports”.
“Modern machinery and high-tech labour can also increase our industrial production, which is likely to increase employment opportunities at the local level,” he added.
“With the government support, we can achieve a huge potential to boost local industrial growth, which could also improve the country’s economy,” he said.
To increase productivity, there is a need to introduce innovation in the local industrial structure, which requires maximum resources from the government.
He said that hopefully the adviser would resolve the problems of the business community of Gujranwala so as to increase the local industrial production and increase the exports of the country.
Gold Price Forecast: XAU/USD capture $1,750 level
Gold (XAU/USD) is bid on Friday, approaching the psychological threshold of $1,750...
Mastercard becomes official payment technology partner of Expo 2020
KARACHI: Mastercard has shared a glimpse into the spectacular line-up of priceless...
Riyadh International Book Fair to feature 120 cultural events
RIYADH: A particularly rich and diverse cultural programme will characterise the Riyadh...
Increase in electricity rates sparks chain reaction
KARACHI: The government’s recent increase of Rs5/litre in petrol (motor spirit) prices...
Reforms bring more misery to taxpayers
KARACHI: The introduction of the Tax Laws (Third Amendment) Ordinance, 2021 has...