Govt aims to raise exports to $100 billion by 2035, Rana Ehsan Afzal tells PIDC conference

ISLAMABAD: Coordinator to the Prime Minister on Industries and Trade Rana Ehsan Afzal has said further steps are being taken to increase the country’s exports and improve remittances.

Addressing the concluding session of the PIDC conference as chief guest on Friday, he said the government was committed to raising Pakistan’s exports to $100 billion by 2035. A target of increasing exports to $60 billion in the medium term has also been set.

He said comprehensive reforms were under way to turn Pakistan into an export-based economy.

Reforms and incentives

According to Rana Ehsan Afzal, customs duty will be brought down to 15 per cent under the national tariff policy. Duties on about 7,500 tariff lines are being reformed. To ease doing business, 500 regulatory requirements are being reviewed.

He said the prime minister had approved a Trade Facilitation Board. Its aim is to reduce export costs and increase trade facilities.

Work is under way to raise SME financing to Rs2,000 billion. Exporters are being given concessional financing through the Exim Bank. Tax on export income has been cut from 2 per cent to 1.25 per cent.

New markets and private sector

He said talks were being held with various countries for access to new global markets. He added that 16 agricultural protocols with China had increased opportunities for Pakistani exports. Food Ag 2026 in Karachi will play an important role in promoting agricultural exports.

More than 108,000 traders are connected to the Pakistan Single Window. Nineteen sectoral councils are active to involve the private sector in trade policymaking.

Rana Ehsan Afzal highlighted wide export opportunities in IT, artificial intelligence, agriculture and minerals. He said industrial production and competitiveness would have to be improved to increase exports. Cooperation between the government and the private sector was essential to achieve export targets.

He said the conference’s recommendations would be considered for inclusion in the government’s trade reforms.

On the occasion, Dr Fahim Jahangir said inconsistent policies and high trade costs were major economic challenges. Dr Nadeem Javaid said Pakistan’s economic stability was linked to continued growth in exports. He said research-based policymaking was essential for economic development.

Cash prizes were also given to researchers for the best research papers and posters at the conference.