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Strengthening manufacturing sector a must to attain high growth rate: Razak Dawood

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M J Hayat

LAHORE: There is an urgent need to strengthen the manufacturing and
exports sectors to enable the economy to achieve high growth rate.
Firm-specific SROs will not be issued as Dawood said that he don
believe in such SROs to extend benefits to a certain sector or person
and by June 2020 this will fully be abolished. Advisor has said that
“Make in Pakistan” will be promoted and made a buzz word to strengthen
manufacturing sector.

Prime Minister for Commerce, Textile, Industry, Production and
Investment Abdul Razak Dawood expressed these views speaking at the
Lahore Chamber of Commerce & Industry on Saturday.

The LCCI President Almas Hyder, Senior Vice President Khawaja Shahzad
Nasir, Vice President Fahim-ur-Rehman Sehgal, former presidents
Iftikhar Ali Malik, Mian Anjum Nisar, Mian Muhammad Ashraf, Mian
Misbah-ur-Rehman, Sheikh Muhammad Asif, Shahid Hassan Sheikh, Muhammad
Ali Mian, Mian Muzaffar Ali, Abdul Basit, Sikander M. Khan, Amjad Ali
Jawa, Irfan Iqbal Sheikh, Tariq Misbah, Kashif Anwar, Awais Piracha,
Mahwish Ahmad and Executive Committee Members also spoke on the
occasion.

Advisor to PM said that all efforts would be made to make this slogan
a reality. Unless and until manufacturing sector and exports are
strengthened, economy would not be able to achieve high growth rate.

Abdul Razak Dawood said that he is visiting Japan in December with an
aim to get duty free access to the Japanese market. He said that four
million youngster are coming to the job market every year and only way
to provide them employment is to boost manufacturing activities.

He said that payment of refunds to the industries will be started from
November this year. “FBR Chairman has given me a commitment regarding
refunds, Abdul Razak Dawood said and added that Pakistan needs export
driven growth strategy. He said that even United States cannot run
without exports. Malaysia, Thailand and Bangladesh are flourishing
through their exports. It is a good omen that exports are improving
since last year. “My dream is to get exports back to $ 25 billion by
the year 2019”, advisor said and added that we have to promote export
culture. He said that imports are going to be tightened as we are a
country importing too much. He said that textile and rice sectors have
low hanging fruits. He said that we should focus on value-addition in
agriculture instead of just exporting agri-products.

Abdul Razak Dawood informed the house that Prime Minister Imran Khan
is visiting China from November 02 and a lot of development at
economic front is expected. “I had five meetings with Chinese
Ambassador and it is a matter of satisfaction that they are very
conscious about gap in trade between the two countries” Advisor to PM
said and added that Chinese Ambassador was very positive on this
issue. He said that a Chinese “buying” delegation visited Pakistan on
October 8-9th. He said that he had talked to PM on industry based
tariff structure. He said that Kinno production in Pakistan is 360
thousand tons but its exports is limited because high ratio of seeds.
To give further boost to Kinno export, we are contacting China for the
production of seedless Kinno in Pakistan. He said that engineering,
chemicals and information technology sectors should also be focused
for exports.

Speaking on the occasion, the LCCI President Almas Hyder said refunds
of up to Rs.10 million should be released immediately as
industrialists are running short of capital. They have to pay utility
bills, salaries of staff and various other expenses.

We talk about just five export-oriented exports despite the fact that
engineering and various other sectors have the potential to give a
gigantic boost to the country’s exports; Almas Hyder said and added
that these sectors should also be encouraged through relaxation in
duties and taxes.

The LCCI President said that our products are struggling in the
international market as our prices are higher than India and China.
Import of finished goods is cheaper than the raw materials. This issue
also demands immediate attention of the government.

Almas Hyder said that alternative sources for power generation should
be promoted to reduce burden on conventional sources. H said that we
must have long-term investment tools that would also support
industrialization.

He said that agriculture sector needs immediate attention and
supportive policies. He said that country can earn huge foreign
exchange through value addition in agriculture sector.

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