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ISLAMABAD: Pakistan Federal Minister for Industries and Production, Rana Tanveer Hussain on Friday stated that a strong export-oriented economy is the foundation of national economic stability, while the government is committed to promoting exports and resolving issues faced by exporters, said a statement by the Ministry of Information and Broadcasting (MOIB). The federal minister expressed these views while addressing a ceremony at the Lahore Chamber of Commerce and Industry (LCCI) on Friday as the chief guest. President of the Lahore Chamber of Commerce and Industry Fahim ur Rehman Saigol, chamber members, and other personalities were also present on the occasion, the statement said. Highlighting collaboration, Hussain emphasized that the government and the business community need to sit together and formulate a comprehensive strategy for promoting national exports, as export-led growth is key to economic stability. &ldquo;He stressed that exports must be increased, as higher exports would help reduce the current account deficit,&rdquo; the statement said. Despite challenges, the minister stated that the government has provided various facilities and reduced taxes on export-oriented cotton and that further reductions will be made in the future. He said that Prime Minister Shehbaz Sharif has held more meetings with the business community over the past two years to promote a business-friendly environment. &ldquo;The government seeks to promote a business-friendly environment and increase GDP growth,&rdquo; the statement said. Describing exports as the backbone of the economy, the federal minister stressed the need to expand access to global markets. He also emphasized strengthening local industry and farmers to improve quality and productivity in order to compete internationally. Tanveer said that livestock accounts for 60 percent of agriculture and exports are already taking place, but there is scope for further growth through quality improvement. He highlighted that the global halal food market is very large, and even non-Muslim countries are exporting halal food in significant quantities. Minister Hussain said special attention is being given to seed quality, and certified seeds will be provided to farmers. &ldquo;Fertilizer prices have been kept uniform, and supply remains uninterrupted,&rdquo; he added. He said overseas Pakistanis play a vital role in improving the national economy. &quot;The government is working day and night to promote exports, with efforts underway to increase exports of edible items, meat, livestock, rice, and other commodities that have strong demand in international markets&quot;, the statement said. The federal minister noted that concrete steps are being taken to enhance trade with Iran, including the export of 300,000 tonnes of rice. Highlighting the efforts of PM Sharif and Chief of Defense Forces Field Marshal Asim Munir, he stated that Pakistan has achieved significant diplomatic successes and will continue to progress in the coming days.

Economy

Rana Tanveer Hussain says export-led growth is key to Pakistan’s economic stability as the government pledges tax relief, market access, and support for exporters to boost GDP and reduce the current account deficit

Articles tagged with "Local Industry"

Pakistan committed to promoting exports, business-friendly environment: federal minister

Pakistan committed to promoting exports, business-friendly environment: federal minister