ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday directed authorities to increase Pakistan’s annual exports to $60 billion within three years, stressing the need to resolve exporters’ grievances as Islamabad seeks to boost foreign exchange reserves while tackling a macroeconomic crisis.
Pakistan is trying to navigate a difficult road to recovery from a protracted economic crisis that has seen its currency depreciate, foreign reserves plummet and inflation soar to record highs over the past two years. To stabilize its fragile $350 billion economy, Islamabad has increasingly sought in recent months to build trade and investment ties with regional allies.
Sharif on Tuesday presided over a meeting of Pakistan’s National Export Development Board to assess the country’s exports and discuss ways to strengthen them.
“The commerce ministry and other agencies need to take practical steps to achieve the target of taking exports to $60 billion over the next three years,” the prime minister’s office was quoted as saying.
Sharif noted that Pakistan’s annual exports crossed the $30 billion mark in the last fiscal year, adding that government policies have helped the country’s IT exports exceed $3.2 billion. He instructed officials to resolve exporters’ grievances and submit a report within two weeks.
“I salute the businessmen and investors who have contributed to increasing Pakistan’s exports despite difficult circumstances,” Sharif said, according to the Prime Minister’s Office (PMO).
The prime minister stressed that solving transportation problems will reduce the delivery time for Pakistani goods to reach Europe and the United States. He also stressed on improving the quality of Pakistan’s exports through research and development, innovation and brand development. The prime minister instructed Pakistan’s Ministry of Power to present a comprehensive plan for providing low-cost electricity to industries.
Sharif warned Pakistan’s tax authority, the Federal Board of Revenue (FBR), not to delay paying refunds to exporters and asked trade officials at Pakistan’s missions abroad to promote the country’s exports and guide exporters to increase sales.
