ISLAMABAD - Adviser to Prime Minister on Commerce and Investment, Abdul Razak Dawood said that Gujranwala industries could gain a prominent position in the export of engineering goods in coming years through increasing the productive manufacturing.
Gujranwala already has a manufacturing base for engineering goods and the government is ready to provide all possible facilities for further innovation and improvement, he said.
The adviser said this while meeting the President of the Gujranwala Chamber of Commerce and Industry (GCCI), Umar Ashraf Mughal along with other senior business leaders on Sunday.
Razak Dawood said that the government wants 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,” he said. He hoped that by the end of the fiscal year 2022 of the current government, the country’s exports would reach $40 billion by following the policy of trade diversification in potential trade sectors and markets.
The adviser said that 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 to achieve the export targets.
‘Made in Pakistan’ is the government’s top priority trade policy, which aims to introduce Pakistan’s traditional and non-traditional export sectors and local products in the international trade market, he said. He said that Pakistan now wanted to make a name for itself in the world in non-traditional sectors, including engineering and pharmaceuticals.
“Geographical trade diversification and search for new markets will further increase our exports,” he said.
Razak Dawood said: “We have decided to move towards import substitution which will increase our exports and create more industries in the country.”
He said that Pakistan was moving towards rapid development due to correct, solid trade and economic policies.
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 next 10 to 15 years to become a significant export hub globally” Razak said.
As soon as the Afghanistan situation would clear, we will be able to export many Pakistani products to Tajikistan, Uzbekistan and other Central Asian States, he said.
Razak Dawood said that in order to increase 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.
He said that the government was aware of the problems of the steel industry.
“I wish that there should be no difference between the tariffs of industrial and commercial importers and the import of raw materials,” the adviser said.
He said that Gujranwala has good potential in the industry especially the cutlery projects so the focus should be on the export of cutlery.