Day: August 17, 2022

ISLAMABAD: The government is considering the promotion of exports through an incentive of significant tax waiver to companies which could enhance their exports by 10 per cent of its productions, an official said.

Finance Minister Dr Miftah Ismail during his address at the Leaders in Islamabad summit, unveiled a four point agenda to put Pakistan on the path of prosperity.

He and Federal Minister for Climate Change Sherry Rehman attended the event as the guests of honour for the 5th edition of the summit titled “Imagineering The Future.”

Nutshell Group and Martin Dow jointly hosted the summit, in strategic partnership with the Overseas Investors Chamber of Commerce and Industry.

The finance minister said that the government will provide full support to companies having plans for exporting their products to different countries.

Various business groups in Pakistan are performing outstandingly and contributing to the national economy through taxes and different ways but they spend $200 million on imports every year which needs to be addressed by enhancing our exports, he added.

“If you make something, sell it abroad, if you build, go construct abroad, if you offer a service, offer it abroad. The nation should set the direction to the promotion of exports,” Dr Miftah said.

He urged the businesses in Pakistan to think beyond the local market to explore foreign markets to enhance their exports through aggressive value-addition.

The finance minister insisted on export, bringing sustainability and technology to agriculture and educating every child in the country.

Containing the expenses in imports can stabilise the budget deficit including the trade deficit and current account deficit.

The government may not enhance the exports overnight but it did control imports of non-essential goods which impacted inflows of foreign exchange to the tune of $700 million to $800 million in the interbank foreign exchange market during the last few months while the country also paid its scheduled debt-servicing in the first week of August, the finance minister noted.

Federal Minister for Climate Change Senator Sherry Rahman spoke about the urgency of required action to combat climate change.

The climate change is a matter of national security which has adversely affected food and energy security, supply chain, infrastructure, and the lives of the citizens across the country, she added.

One-fifth of Pakistan is submerged at present due to heavy monsoon rains which have wreaked havoc on the infrastructure in many parts of the country especially Balochistan and Sindh.

She urged the corporates to interweave sustainability goals in their mission statements, as Pakistan is at the front of climate change.

Sherry also mentioned that the government is trying to move the markers for 2050 down to 2030 as climate change is accelerating and the country’s pace needs to match it.

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