16th March, 2023
Islamabad(EA Report)Federal Minister for Commerce, Syed Naveed Qamar chaired the second meeting of the Committee on Export Enhancement. The Minister assured the business community of the full support of the Government of Pakistan in resolving their issues.
He apprised the participants that the Ministry of Commerce is fully cognisant of the liquidity issues being faced by exporters and he has personally took up the matter with State Bank of Pakistan, Federal Board of Revenue and Ministry of Finance to facilitate exporters in meeting their liquidity requirements through low cost financing and speedy refunds of duty drawback and sales tax of the exporters. The Minister also took notice of the difficulties being faced by exporters and allied industry in opening letters of credit and he particularly stressed that exporters should be ensured priority in true letter and spirit while opening of LCs for import of their raw material, spare parts and accessories. Taking up the case of exporters, the Minister asked the State Bank to simplify procedural formalities in order to facilitate the exporters. The Minister informed the participants that the Ministry of Commerce has devised a B2B barter scheme that would facilitate the import of industrial inputs obviating the constraints being faced in opening letters of credit and availability of foreign exchange.
Representatives of FBR made a detailed presentation on the Export Facilitation Scheme. The Minister stressed that the Export Facilitation Scheme must be better utilised to give maximum benefit to the exporters. To this effect, he directed Ministry of Commerce and Trade Development Authority of Pakistan to support Federal Board of Revenue in creating awareness regarding the scheme and collaborate in registering businesses to increase coverage of the scheme. The Minister also directed FBR to resolve the issues of exporters facing difficulties in the scheme. Exporters of Textiles sector discussed their various issues hindering their operations and the Minister directed the concerned to resolve these at the earliest. The representative of Mobile Phone Manufacturers Association discussed the proposal on enhancement of exports of mobile phone devices from Pakistan. The Minister instructed the representative to submit their proposal to Ministry of Commerce so that stakeholder consultation can be initiated. The Export Enhancement Committee has been constituted on the directions of the Prime Minister. The purpose of the committee is to act as a forum where measures for export enhancement can be discussed and to review issues regarding opening of Letter of Credits, and availability of affordable finances including policy rate issues. Representatives from Ministry of Finance, Federal Board of Revenue and State Bank of Pakistan were present. Moreover, leading businessmen from the textile sector, mobile phone manufacturing sector and wood timber sector participated in the meeting.
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