LAHORE (Dunya News) - Federal Minister for Industries and Production Rana Tanveer Hussain on Saturday underlined the need to boost Pakistan’s exports, saying Prime Minister Shehbaz Sharif is already working on the revival of the country’s economy.
He made these remarks after inaugurating the 9th Colour and Chem Expo at the Lahore International Expo Centre.
“We need to improve the production of raw materials especially in dyes, chemicals and allied industries to avoid import as our import bill is much higher than our exports. Pakistan exports worth $30 billion annually while imports are even more than double of our exports,” he said.
More than 300 exhibitors represented the dyes, chemicals, and allied industries in the event. Companies and their representatives from China, Malaysia, Turkey and Iran also joined the expo. The exhibition is being organized by the Event and Conference International, Rainbow Group and Punjab Dyes & Chemicals Merchants Association.
“Admitting the exports of India, Bangladesh and other developing countries are many times more than that of Pakistan,” the minister said that the prime minister has set the target of doubling exports in three years.
The minister further said the real agenda of the PML-N government was the revival of the economy, recalling in 2017 the country’s economy became the 24th biggest economy when Nawaz Sharif was the premier, but now the country stands around 40 in such economies. “Our government is making efforts to join the club of 20 strongest economies in coming three years.”
The minister, however, admitted that the power tariff and policy rate were not favourable for the industry, hoping things would get better in the coming months. He claimed the inflation had come down to 16%.
Hussain said he would receive proposals from the chemicals and dyes industry for boosting their exports.
To a question, the minister denied the impression that the utility stores were being shut down and said they were just being restructured so that only the deserving people could get relief in eatables and grocery items.
“The government is already giving subsidies to the deserving people through the Baitul Maal and Benazir Income Support Programme (BISP),” he added.
To another question about 105 and 18% taxes on the tractor industry, Hussain said that he had already taken up the issue with the finance minister and the FBR after conducting several meetings with the tractor association and hoped positive outcome in the coming few days. “Farmers and agriculture are our priority.”
Replying to another query, Hussain said political instability began in 2014 and later the founder of the PTI was quoted as saying that he would be more dangerous if was kicked out of the government. He said, “The conspiracy has been hatched. It’s up to the institutions and the nation to how to eliminate this political instability after the main conspirator has been arrested.”
Abdur Raheem Chughtai, the convener of the expo, said he would share with the minister a project to establish the Chemical Complex Plant to manufacture raw materials for textile, pharmaceutical, leather and paper industries to reduce the import bill. Rashidul Haq, the event organizer and Director of Event and Conference International and Mr Shi Xianping, the Chairman of China Dyestuffs Industry Association, participated in the event.
Altaf A Ghaffar, the Senior Vice President of Karachi Chamber of Commerce and Industry (KCCI) and Muhammad Salahuddin, Secretary General of PCJCCI were also present on the occasion.
The exhibition will conclude on Sunday.