Businessmen Welcome Rs 180b Package For Export Sector

LAHORE, (UrduPoint / Pakistan Point News - 17th Jan, 2017 ) : Business community on Tuesday appreciated Prime Minister Muhammad Nawaz Sharif for announcing Rs 180 billion package for revival of export-oriented industry.

They were of the view that huge package for export sector was yet another step of the government towards prosperity of people and progress of the country. Pakistan Muslim League-Nawaz (PML-N) Traders Wing (Punjab) Senior Vice President Khawar Rasheed told media here that export package, to be consumed from now till June 2018, would not only decrease the input cost of exports industry but also increase substantially the overall export volume of the country.

He added, the package would also help develop export sector and create new employment opportunities, besides controlling all those factors which had been hurting the businesses and exports such as high input cost and energy (electricity, gas etc).

The SVP explained that Pakistan's exports especially of textile sector had since long been facing challenges of global recession, regional competiveness and energy shortage, however, these issues would be tackled through rectification of duty drawbacks including 7 percent on textile garment, sports goods and leather footwear; 6 percent on made-ups; 5 percent on processed fabric; and 4 percent on gray fabric.

Khawar Rasheed said the entire business community was thankful to the Prime Minister and his economic team for giving special package for promotion of country's exports. He also stressed upon the exporters to play their due role in materializing aim and objectives of the special package.

Pakistan Industrial and Traders Associations Front (PIAF) also welcomed the export package announced by the Prime Minister. PIAF Chairman Irfan Iqbal Sheikh, Senior Vice Chairman Tanveer Ahmed Sufi and Vice Chairman Khawaja Shahzeb Akram said that business community was concerned about decline in exports and increase in the trade deficit during first half of current fiscal year mainly due to increasing cost of doing business that had impacted export sector viability.

However, Rs 180 billion package would give boost to the country's exports and positive results would be in the offing in next six months, they added. PIAF office-bearers also appreciated Punjab Chief Minister, Federal Finance Minister for finalizing the package for industry.

They urged the government to also resolve the issue of energy availability and ensure provision of electricity at Rs7/kWh and gas at Rs 600 per MMBTU across the country.