LAHORE - The LCCI has urged Prime Minister Nawaz Sharif to extend the scope of incentives package to all the export-oriented sectors and suggested that small & medium export-oriented industries should be given priority in this regard.

In a statement issued here on Thursday, LCCI President Abdul Basit and Vice President Muhammad Nasir Hameed Khan said that PM’s incentive package would go a long way and hopefully will boost the country’s exports by around $3 billion by the end of ongoing financial year. They said that PM’s package would considerably enhance the export volumes.

They said, “Package including removal of custom duty on imports of cotton would greatly help the textile sector to get rid of its miseries. Cotton textile production and apparel manufacturing are the country’s largest industries, accounting for about 66 percent of the merchandise exports and almost 40 percent of the employed labour force. Cotton and cotton-based products account for 61 percent of export earnings of Pakistan”, and added that the package will increase the competitiveness of Pakistani merchandise in the international market and also lower the cost of doing business.

They said that the zero-rated export oriented sectors would achieve the desired goals with the help of incentive package and they would be able to enhance the exports by at least 10 percent.

The LCCI office-bearers said that same incentive package should be announced for all export-oriented industries to triple the national exports within a short span of time. He said that continuous decline in the exports is a matter of concern. He said that volume of exports during July to December 2016 remained $9.912 billion that are 3.82 percent lower than the exports of $10.306 billion during the same period of 2015.

They said that despite having all ingredients for economic development, performance in exports remain the below of mark from last couple of years. They said that precious foreign exchange always help any country to economically excel, therefore, the government would have to provide maximum facilities to the all export-oriented industries.

While citing the example of Food Industry, the LCCI office-bearers said that the government’s support to this sector could help Pakistan to become a leader in the international market.

They mentioned rice, fruit & vegetable, furniture, cement, tiles, marble, cutlery, electrical appliances, software, livestock meat, chicken, powdered milk, wheat, seafood and defence equipment sectors, where a little attention of the government could do miracles at economic front.