Export-oriented industries should be facilitated to maximum in forthcoming Federal Budget 2016-17: Lahore Chamber of Commerce and Industry

Lahore, April 18, 2016 (PPI-OT): Export-oriented industries should be facilitated to the maximum in the forthcoming Federal Budget 2016-17 as the export sector is a “decider” for economic uplift of the country.

It was upshot of the speeches delivered at a seminar on “Budget Proposals relating to export-oriented sector” here at the Lahore Chamber of Commerce and Industry. The LCCI Vice President Nasir Saeed, former LCCI Senior Vice President Malik Tahir Javed, Chief Collector Customs (Centre) Sumera Nazir Khan, Collector Customs (Exports) Samina Tasneem Zahra, Deputy Collector Customs (Exports) Sheraz Ahmed and Collector Customs Muhammad Sadiq spoke on the occasion.

The participants were of the view that rules, regulations and procedures for export-oriented sectors should be easy so that it could play its due role in economic stability of the country.

The LCCI Vice President Nasir Saeed said that it is a matter of concern that exports are showing a decline trend besides the fact that country has all resources. He said it is expected that exports would remain limited to $ 23 billion at the end of ongoing financial year which is not a good omen.

He said that we have to focus on investing in the energy sector, lowering of tariffs on smuggling prone items, increasing the share of direct taxes in revenue and lowering the slab of indirect taxes in the forthcoming budget to achieve key economic targets set for the year 2016-17.

In order to fill the gap between demand and supply of the energy, maximum funds should be allocated for construction of dams/water reservoirs and tapping of Thar Coal.

“Tough government is doing a lot in energy sector but there is a dire need to complete the ongoing power project as soon as possible”, the LCCI Vice President said.

Nasir Saeed said that a number of sectors in Pakistan including infrastructure development, coal, energy, agriculture, livestock, textiles and pharmaceutical offer lucrative investment opportunities to foreign investors but unfortunately due to absence of a proper and well tailored marketing strategy, these opportunities are unattended even today.

He said that reliance on a few countries and a few products for exports is one of the biggest reasons of below the mark exports of the country.

Earlier, Deputy Collector Customs (Exports) Sheraz Ahmed gave a detailed presentation on the export-oriented industry.

For more information, contact:
Shahid Khalil
Information Department
Lahore Chamber of Commerce and Industry (LCCI)
Lahore -54000, Pakistan
Tel: +92-42-111-222-499
Fax: +92-42-36368854
Website: www.lcci.org.pk