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ISLAMABAD: Pakistan’s total exports are on the upward flight and set to reach $24 billion mark this year, as predicted by a government official.
Commerce Minister Pervaiz Malik said exports had deteriorated over the last three years but were bound to increase by almost $4 billion this year.
The PML-N government achieved the highest export figure $25.1 billion in its first year in office in 2013-14, but exports have been sliding ever since. They were $23.6 billion in 2014-15, and the figure could not cross the $21 billion mark in the following two years.
“Due to the measures taken by the government, exports will hit $24 billion this year. Last month, March 2018, was the first time in three years when exports crossed the $2-billion mark,” Malik said. He added that the recent rupee devaluation also signaled increased exports and improved goods’ competitiveness.
Malik said that the industry was being fed by continuous power supply which had ultimately contributed to reducing the cost of manufacturing in the country.
The commerce minister, who was the chief guest at the 2nd session of the day-long seminar, said the government’s focal attention had been on growth. “Our target [for the next year] is 6.5% growth rate,” he said. “The government wants to ease out taxes on raw materials for SMEs to boost manufacturing” he said.
He emphasized the need for training skilled labor employed in the manufacturing sector. “Another major issue is that many of our industries are out of competitiveness.”