Feb 26, 2010

Pak to achieve export target of $ 20 billion:PM

KARACHI, Feb 25: Prime Minister Syed Yousuf Raza Gilani said Thursday Pakistan's exports are expected to achieve the target of $ 20 billion during the current fiscal year. He was speaking at the formal inauguration of 5th edition of mega exhibition Expo Pakistan 2010, organised by Trade Development Authority of Pakistan (TDAP) at the Governor House here. Sindh Governor Dr. Ishrat Ul Ebad Khan, Chief Minister Syed Qaim Ali Shah, Commerce Minister Makhdoom Amin Fahim and others were also present on the occasion.

He said despite international and domestic adversities, the country's economy has improved significantly. Pakistan's real Gross Domestic Product (GDP) growth is likely to remain close to the target of 3.3 percent during the fiscal year (2009-10), he added.

Similarly, foreign exchange reserves have risen from $ 6 billion to $ 15 billion while remittances from overseas Pakistanis have reached $ 4.531 billion which is 25 % higher than last year.

"As a result of these improvements, Pakistan's sovereign rating has improved and business sentiments are improving", he noted.

Prime Minister Gilani said that Pakistan's private sector was very enterprising and has repeatedly demonstrated its dynamism and resilience even in adverse circumstances.

"It goes to the credit of the ingenuity and enterprise of our private sector that in the face of severe global recession, we were able to reduce its impact on Pakistan's economy compared to the much severe impact suffered by the economies of several other countries in the region", he added.

Gilani said that his government strongly believes in market forces to open the opportunities and create a competitive environment in the country.

"We have continued to liberalise the economy. The reforms in the trade and investment fields stem from our conviction that the private sector of Pakistan is the engine of economic growth and should be facilitated to play its role to the fullest in creating new businesses, opening new jobs and adding value to Pakistani goods and services for the export markets", the PM observed.

He said he was glad to learn that more than 500 buyers from 50 countries were attending the show this year and around 350 producers and exporters from all over Pakistan were displaying a wide variety of their products.

"I am sure the business roundtable, B to B meetings, visits to factories and production centres planned by TDAP for foreign buyers will facilitate the delegates for face-to-face contact with suppliers, exporters to understand each others requirements better, develop relationship, to translate into actual business", Gilani noted.

He said that the event will also help in providing first hand information on the country and its capabilities. Besides, the event would also be a good opportunity for the visiting delegates to visit factories, production houses and above all see the beautiful metropolitan city of Pakistan, Karachi.

Syed Yousuf Raza Gilani said that Ministry of Commerce through its strategic Trade Policy Framework (STPF) 2009-12 has successfully addressed major issues like falling exports competitiveness, lack of sophistication, diversification of products and markets.

Similarly, a comprehensive Textile Policy 2009-14 has also been announced to revive the textile sector through Textile Investment Support Fund (TISF) of Rs 40 billion.

The Policy aims to achieve textile exports to reach $ 25 billion in five years and would increase employment by 100%. The Policy focuses on investment of $ 8 billion by the private sector for increased capacities while the Government would invest in infrastructure, skill development, marketing and information technology.

Earlier, Commerce Minister Makhdoom Amin Fahim in his address said that the country’s exports have shown a rising trend in the last seven months.

He asked TDAP to send more trade delegations to non-traditional markets like Central Asian Republics, African countries, East Europe, Japan, China and South East Asia.

He pointed out that the government was working hard to have free trade agreements with EU, Japan and USA.

TDAP Chief Executive Syed Mohibullah Shah said that this Expo Pakistan has new foreign buyers and new products for exhibition. For the first time, handicrafts are on display at the mega event.

Later the Prime Minister gave 13 awards to foreign buyers and exporters of non-traditional items.