Make in Pakistan our priority, says Dawood
PM’S ADVISER STRESSES MOBILISING LOCAL TALENT
Pakistan has put into action an ambitious strategy to bolster industrial strength by mobilising the local talent and offering incentives to achieve export-oriented economic growth with a new focus on trade with landlocked but energy-rich Central Asian states, Uzbekistan, Tajikistan, Kazakhstan and Kyrgyzstan.
In 2018, when the current government came into power, the emphasis was on “stabilising the economy and now that we have moved to the beginning of growth, all efforts are concentrated on sustainable economic growth,” said Abdul Razak Dawood, adviser to Prime Minister Imran Khan on commerce and investment, in an interview with Gulf News.
Industrialisation
With eyes on the 4.8 per cent growth target for 2021-22 financial year, Khan’s government aims to unlock manufacturing potential and facilitate industrialisation to create new jobs, boost exports and make the local production dynamic and competitive as the country is seeking to end its reliance on foreign loans and bailouts.
“Make in Pakistan is our top priority now,” Dawood asserted. Pakistan’s policy in the past has been to support trading rather than manufacturing which is now changing under Khan’s administration.
“Manufacturing is wealth creation. It helps build industries, create more jobs” which Pakistan, a country of 220 million people, desperately needs. The large-scale manufacturing sector recorded nine per cent growth during JulyMarch 2020-21 — indicating a strong post-pandemic recovery.
Industrial support packages, incentives such as gas and electricity at regionally competitive rates for exportoriented businesses, tax exemptions for high-performing sector manufacturers helped achieve this growth.
Improving the share of exports
in the economy and incentivising import substitution is the prime focus. Imran Khan “is always pushing for boost in exports” to put the country on the path of economic development, he said.
Removing barriers
Manufacturing is wealth creation. It helps build industries, create more jobs.”
Abdul Razak Dawood | Adviser to prime minister on commerce and investment
To bolster exports, Dawood explained that the government has removed three barriers: Shift from fixed parity that artificially overvalued rupee, giving refunds to exporters and industrialists on time and exemptions on customs duties mainly on raw materials.
Pakistan’s port city of Gwadar is expected to become the country’s manufacturing hub, opening up new avenues of opportunities for regional trade, said PM Khan recently at the launch of development projects in Gwadar.
“Currently we are concentrating on western borders” which means expanding trade with Afghanistan, Uzbekistan and beyond. “Pakistan is aiming to build strong business ties with the Central Asian states under its Silk Route Reconnect Policy to tap into over $90 billion economy and offer them access to Pakistani seaports” he stated.