ISLAMABAD: Pakistani exports to other countries recorded growth in recent years as the government is looking for new destinations in East Asia and Africa to expand exports network, Minister for Commerce Khurram Dastgir informed the Senate on Thursday.
“In terms of quantity, we have improved 15 percent in knitwear, one percent in bedwear, three percent in towel and four percent in readymade garments though the in terms of revenue three of the four sectors showed negative growth due to global recession,” he said in response to a question during Question Hour. The minister said Pakistan has reached more destinations as “we hold on our exports as far as quantity was concerned. But, as far as revenue was concerned it could not increase due to cut in prices and economic recession.”
He said even big exporters like China, India, Thailand, United States and European Union have showed negative growth in terms of revenue.
Mentioning to different measures, the minister said, Pakistan is going to sign a Free Trade Agreement with Thailand and reaching out to Kenya, Nigeria and other countries in African continent. He said last year cotton exports affected due to poor crop as country had only 10 million bails that is going to improve to 11 million bails this year. “Our readymade garments sector has shown increase both in terms of quantity and revenue generation.”
He said the policy of encouraging value addition to country’s cotton products is bearing fruit and now no raw cotton is exported rather goods are value-added that support local industry as well as create opportunities for new markets. The minister also pointed out to creation of Technical Upgradation Fund to introduce new sophisticated and energy efficient technologies in the country.
He said the government had announced a special package for textile sector in budget 2014-15 and allocated Rs six billion for Textile Policy for year 2016-17.
Khurram Dastgir said the government made sales tax of five export-oriented sectors including textile, leather, sports goods, surgical goods and carpets part of zero rated tax regimes from July 01, 2016.
He said the policy of duty free import of textile machinery continues as the mark-up rate on Export Refinance Facility has been brought down to three percent from July 2016.
