Advisor to the Prime Minister on Commerce, Abdul Razak Dawood has said that Pakistan is rapidly diversifying its exports into high quality and globally competitive engineering products.
He said this while chairing an internal review meeting to discuss the finalization of the Strategic Trade Policy Framework (STPF), at Commerce Division.
Advisor Commerce stated that one of the objectives of the STPF is to achieve diversification of export products other than the same old traditional ones.
He explained that through the promotion of exports in new sectors, particularly the engineering and pharmaceutical sectors,
We are going to reduce our reliance on the five traditional export sectors. He added that this has also been supported in the Budget 2020-21, with a reduction of import duties on raw materials and the tariff rationalization measures.
Currently, the draft STPF is being reviewed by the stakeholders and their views are being incorporated in the final draft, which will be placed before the Economic Coordination Committee (ECC) of the Cabinet shortly.
Talking about the emerging sectors for export opportunities, Razak Dawood underscored that Pakistan’s engineering products, especially home appliances, are now producing internationally competitive quality products.
He added that in pursuance of the diversification policy, the export of microwave ovens from Pakistan has been confirmed for the first time and these 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
He stated that, with support from the government, other engineering products will soon follow suit and exported to the rest of the world.
In this regard, duties on the import of components of televisions have been reduced to promote local manufacturing of television sets, which has a potential for export as well in the coming years.
The advisor is optimistic that the results of the first-ever Mobile Phone Manufacturing Policy recently announced by the government would soon become visible in the coming months in the form of an increase in exports of locally manufactured mobile devices from Pakistan.