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Pakistan to diversify exports into engineering, pharmaceutical products, says Razak Dawood

Morpheus

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Pakistan to diversify exports into engineering, pharmaceutical products, says Razak Dawood
The adviser to the prime minister announced that Dawlance is set to export microwave ovens from Pakistan for the first time in the country's history

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June 26, 2020
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ISLAMABAD: Adviser to the Prime Minister on Commerce and Investment Abdul Razak Dawood on Friday said that Pakistan is rapidly diversifying its exports into high quality and globally competitive engineering and pharmaceutical products while reducing its dependence on five traditional export sectors.

The adviser to the prime minister while chairing an internal review meeting to discuss the finalisation of Strategic Trade Policy Framework (STPF), informed that one of the main objectives of the STPF is to achieve diversification of Pakistan’s export and reduce dependence on traditional export sectors.

He further informed that STPF, among other sectors will have an increased focus on increasing exports in the pharmaceutical and engineering sectors. He added that the reduction in import duties on raw materials and tariff rationalisation in Budget 2020-21 also supports this aim.

Currently, the draft STPF is being reviewed by stakeholders. The draft will be placed before the Economic Coordination Committee (ECC) of the Cabinet shortly once views of the stakeholders are incorporated in it.

While commenting on emerging sectors for export opportunities,Razak Dawood said that Pakistan’s engineering products, especially the home appliances sector, have now begun producing internationally competitive products.

He added that in pursuance of the diversification policy, export of microwave ovens from Pakistan has been confirmed for the first time, which will be exported by Dawlance, a Turkish investment in Pakistan.

“I am happy to announce the export of microwave ovens by Dawlance. This is the first-ever exports of microwave ovens and we hope it will be a new beginning for our engineering exports, especially home appliances,” he said in a tweet.

I am happy to announce the export of microwave ovens by Dawlance. This is the first-ever exports of microwave ovens & we hope it’ll be a new beginning for our engineering exports, especially home appliances.@Dawlance_Pk @ArcelikGlobal @arcelik @aliya_hamza @PTIofficial

— Abdul Razak Dawood (@razak_dawood) June 26, 2020

He added that, with the support of the government, other engineering products will soon be added to Pakistan’s exports.


In this regard, duties on import of components for televisions have been reduced to promote local manufacturing of television sets, which has a huge potential for exports.


The adviser to the prime minister was also optimistic that the results of the first-ever Mobile Phone Manufacturing Policy recently announced by the government will soon become visible in the coming months in the form of increased exports of locally manufactured mobile devices from Pakistan.

https://profit.pakistantoday.com.pk...ng-pharmaceutical-products-says-razak-dawood/

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@Aspen Another one of points i was talking about before.

@Syed1.
 

American Pakistani

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Pharmaceuticals is the most easiest industry, though strictly regulated.

Pakistan should focus on manufacturing and exporting APIs. But there should be a body which is very strict and corruption free. Because once you have a black stamp, that's it, that's the end of this business.
 

Flight of falcon

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What shocks me is how quickly and rapidly we can earn foreign exchange by expanding our IT industry. Current growth rate is something like 20 percent each year. Only if we could bring the money back every year which IT companies park outside Pakistan using different loopholes we can help immensely help our foreign exchange reserves .
 

Morpheus

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Pharmaceuticals is the most easiest industry, though strictly regulated.

Pakistan should focus on manufacturing and exporting APIs. But there should be a body which is very strict and corruption free. Because once you have a black stamp, that's it, that's the end of this business.
For the past couple of months, gov has been working on improving the standards of all medicine produced to international (exporting). Its sad that our local standards were low quality before, but good to know that in the future it will be same as international standards. This has resulted in positive outcomes.

https://profit.pakistantoday.com.pk/2019/11/11/pharma-exports-increase-12-3pc-in-first-quarter/
 

fitpOsitive

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Pakistan to diversify exports into engineering, pharmaceutical products, says Razak Dawood
The adviser to the prime minister announced that Dawlance is set to export microwave ovens from Pakistan for the first time in the country's history

By
APP
-
June 26, 2020
0
1019


ISLAMABAD: Adviser to the Prime Minister on Commerce and Investment Abdul Razak Dawood on Friday said that Pakistan is rapidly diversifying its exports into high quality and globally competitive engineering and pharmaceutical products while reducing its dependence on five traditional export sectors.

The adviser to the prime minister while chairing an internal review meeting to discuss the finalisation of Strategic Trade Policy Framework (STPF), informed that one of the main objectives of the STPF is to achieve diversification of Pakistan’s export and reduce dependence on traditional export sectors.

He further informed that STPF, among other sectors will have an increased focus on increasing exports in the pharmaceutical and engineering sectors. He added that the reduction in import duties on raw materials and tariff rationalisation in Budget 2020-21 also supports this aim.

Currently, the draft STPF is being reviewed by stakeholders. The draft will be placed before the Economic Coordination Committee (ECC) of the Cabinet shortly once views of the stakeholders are incorporated in it.

While commenting on emerging sectors for export opportunities,Razak Dawood said that Pakistan’s engineering products, especially the home appliances sector, have now begun producing internationally competitive products.

He added that in pursuance of the diversification policy, export of microwave ovens from Pakistan has been confirmed for the first time, which will be exported by Dawlance, a Turkish investment in Pakistan.

“I am happy to announce the export of microwave ovens by Dawlance. This is the first-ever exports of microwave ovens and we hope it will be a new beginning for our engineering exports, especially home appliances,” he said in a tweet.

I am happy to announce the export of microwave ovens by Dawlance. This is the first-ever exports of microwave ovens & we hope it’ll be a new beginning for our engineering exports, especially home appliances.@Dawlance_Pk @ArcelikGlobal @arcelik @aliya_hamza @PTIofficial

— Abdul Razak Dawood (@razak_dawood) June 26, 2020

He added that, with the support of the government, other engineering products will soon be added to Pakistan’s exports.


In this regard, duties on import of components for televisions have been reduced to promote local manufacturing of television sets, which has a huge potential for exports.


The adviser to the prime minister was also optimistic that the results of the first-ever Mobile Phone Manufacturing Policy recently announced by the government will soon become visible in the coming months in the form of increased exports of locally manufactured mobile devices from Pakistan.

https://profit.pakistantoday.com.pk...ng-pharmaceutical-products-says-razak-dawood/

-------------------------

@Aspen Another one of points i was talking about before.

@Syed1.
Inna lillahi wa inna ilyhi rajioon.
That's all I want to say.
 

Waterboy

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What shocks me is how quickly and rapidly we can earn foreign exchange by expanding our IT industry. Current growth rate is something like 20 percent each year. Only if we could bring the money back every year which IT companies park outside Pakistan using different loopholes we can help immensely help our foreign exchange reserves .
IT industry flourished under Umar Saif, but unfortunately anyone competent posted by sharif's didn't fit the criteria of tabdeeli. Rip
 
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Viking 63

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Yes its a pipe dream- Diversify exports I have been hearing this for last 40 years !!! Something is extremely rotten in Pakistan as to why we never improved our economic situation.
 

Flight of falcon

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Yes its a pipe dream- Diversify exports I have been hearing this for last 40 years !!! Something is extremely rotten in Pakistan as to why we never improved our economic situation.


something was rotten in the last 40 years so should we stop changing and improving ?
 

Samlee

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Pharmaceuticals is the most easiest industry, though strictly regulated.

Pakistan should focus on manufacturing and exporting APIs. But there should be a body which is very strict and corruption free. Because once you have a black stamp, that's it, that's the end of this business.

For That We Need FDA Approved Labs and We Might Also Need To Deregulate Prices
 

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