Here’s How Pakistan plans to diversify its exports into globally competitive engineering products
Advisor to the Prime Minister on Commerce, Abdul Razak Dawood, recently chaired an internal review meeting
called to discuss the finalization of the Strategic Trade Policy Framework (STPF) at the Commerce Division. In the meeting, he stated that one of the objectives of the STPF is to achieve diversification of export products rather than exporting the same old products.
In the meeting, Abdul Razak Dawood also spoke
talked about the emerging sectors for export opportunities. He mentioned that Pakistan’s engineering products, especially home appliances, are now producing internationally competitive quality products.
Following this, the Advisor Commerce said that Pakistan is rapidly diversifying its exports into high quality and globally competitive engineering products. Considering the promotion of exports in new sectors, particularly the engineering and pharmaceutical sectors, he said:
We are going to reduce our reliance on the five traditional export sectors. This mission has been supported in the Budget 2020-21, as import duties on raw materials and the tariff rationalization measures are reduced.
A draft STPF in this regard was sent to the stakeholders for review. Their views on the draft are now being incorporated in the final draft. This final draft will shortly be placed before the Economic Coordination Committee (ECC) of the Cabinet.
In the meeting, Abdul Razak added that in pursuance of the diversification policy, the export of microwave ovens from Pakistan had been confirmed for the first time. The ovens are going to be exported by Dawlance, a Turkish investment in Pakistan.
I am happy to announce the export of microwave ovens by Dawlance. This is the first-ever exports of microwave ovens & we hope it’ll be a new beginning for our engineering exports, especially home appliances.@Dawlance_Pk @ArcelikGlobal @arcelik @aliya_hamza @PTIofficial
— Abdul Razak Dawood (@razak_dawood) June 26, 2020
The Advisor Commerce is of the view that other engineering products will soon follow suit as the government reduced the duties on the import of television components. Due to this, the local manufacturing of television sets will be promoted as television sets have export potential. rewrite sentence please doesn’t make sense He believes that with the government’s support, they will be exported to the rest of the world.
Moreover, the government recently announced the first-ever Mobile Phone Manufacturing Policy. This policy made the Advisor to the Prime Minister on Commerce, Abdul Razak Dawood optimistic, who said
that this policy it would soon showcase an increase in exports of locally manufactured mobile devices from Pakistan.
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