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Pakistan to diversify exports into engineering, pharmaceutical products: Razak Dawood

Pakistan to diversify exports into engineering, pharmaceutical products: Razak Dawood

ISLAMABAD: Adviser to the Prime Minister on Commerce and Investment Abdul Razak Dawood on Friday said that Pakistan is rapidly diversifying its exports into high quality and globally competitive engineering and pharmaceutical products while reducing its dependence on five traditional export sectors.

The adviser to the prime minister while chairing an internal review meeting to discuss the finalisation of Strategic Trade Policy Framework (STPF), informed that one of the main objectives of the STPF is to achieve diversification of Pakistan’s export and reduce dependence on traditional export sectors.

He further informed that STPF, among other sectors  will have an increased focus on increasing exports in the pharmaceutical and engineering sectors. He added that the reduction in import duties on raw materials and tariff rationalisation in Budget 2020-21 also supports this aim.

Currently, the draft STPF is being reviewed by stakeholders. The draft will be placed before the Economic Coordination Committee (ECC) of the Cabinet shortly once views of the stakeholders are incorporated in it.

While commenting on emerging sectors for export opportunities, Razak Dawood said that Pakistan’s engineering products, especially the home appliances sector, have now begun producing internationally competitive products.

He added that in pursuance of the diversification policy, export of microwave ovens from Pakistan has been confirmed for the first time, which will 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 and we hope it will be a new beginning for our engineering exports, especially home appliances,” he said in a tweet.

He added that, with the support of the government, other engineering products will soon be added to Pakistan’s exports.

In this regard, duties on import of components for televisions have been reduced to promote local manufacturing of television sets, which has a huge potential for exports.

The adviser to the prime minister was also optimistic that the results of the first-ever Mobile Phone Manufacturing Policy recently announced by the government will soon become visible in the coming months in the form of increased exports of locally manufactured mobile devices from Pakistan.