Business
PM calls for five-year plan to double exports
The Prime Minister called for submission of recommendations regarding the promotion of industries that export goods that are part of 'Global Value Chains'.
Islamabad: Prime Minister Shehbaz Sharif has emphasized on making a comprehensive five-year strategy to double the country's exports to revive the economy.
According to media report, the initiative is aimed at empowering exporters through maximum facilities, benefiting from the skills of the successful business community and key stakeholders.
During a high-level meeting focused on the export sector, Shehbaz Sharif stressed the importance of a collaborative strategy, asking the Ministry of Commerce to formulate a strategy for exports in consultation with the successful business community and stakeholders.
A statement issued by the Prime Minister's Office said that the meeting was attended by Ministers Jam Kamal, Rana Tanveer Hussain and prominent e-commerce entrepreneurs like 'Utopia Deals' head Jibran Niaz, Zeeshan Shah, Salman Ahmed and other relevant officials.
During the meeting, the Prime Minister issued instructions in the e-commerce sector to facilitate the exporters who are exporting domestic products to the world and promote the 'Made in Pakistan' brand.
Shehbaz Sharif highlighted the important role of IT, home goods, textiles and other key sectors in the drive to increase exports and advocated their maximum contribution to ensure involvement of stakeholders.
In the meeting, the participants were informed about the suggestions and recommendations for the development of the export sector and the strategy in this regard.
The Prime Minister called for submission of recommendations regarding the promotion of industries that export goods that are part of 'Global Value Chains'.
Prioritizing Promotion of FDI
Presiding over another meeting to review the progress on foreign investment, the prime minister highlighted that promotion of Foreign Direct Investment (FDI) in the country is the top priority of the government to meet the challenges, therefore they can be converted into opportunities.
In the meeting, progress on agreements and Memorandums of Understanding (MoUs) with Gulf countries under the Special Investment Facilitation Council (SIFC) was reviewed.
The Prime Minister said that every possible facility will be provided to the investors, special cells will be established for innovation and research regarding investment in the federal ministries.
He directed that the feasibility study of such projects which have the potential to attract investors should be conducted and the services of internationally renowned experts should be hired in this regard. There should be no compromise on their quality.
The premier also directed all the ministries to further improve their relations with the Gulf countries regarding the progress on their respective MoUs.
Shehbaz Sharif ordered that all necessary requirements regarding external investment in Muzaffargarh, Leh and Jhang solar energy projects should be fulfilled.
Furthermore, the Prime Minister also asked to conduct a feasibility study for railway connectivity from Reko Diq to Gwadar Port.
He further directed that steps should be taken regarding external investment in Chiniot Iron and the project and work on the railway line to access the power plants of Arthur Coal should be started.
The meeting was informed that the dredging work of Gwadar port has been completed after which big ships can now anchor there.
The meeting was further informed that a lot of investment is expected from the Gulf countries in energy, especially renewable energy, oil refining, mining, food security, banking and financial services, logistics, water supply and waste management sectors.