Economics & Business

Govt focusing on diversified sectors to achieve export target

ISLAMABAD: The government is focusing on the diversified sectors to achieve the export target of 22.1 billion dollars set for the current financial year. Sources told state-run Radio that a series of steps have been taken to boost exports of pharmaceutical items, gems and stones, furniture and herbal medicines. In view of the good prospects of pharmaceutical export, the government has decided to support the setting up of new pharmaceutical plants by providing an incentive of 90 percent exemption in the first year on investment in plant, machinery and equipment.

Gold, silver, platinum, palladium, diamond and precious stones would be exempted from levy of customs duty and sales tax with a view to increasing their exports. Ministry of Industries would set up a wood seasoning plant and NAVTEC will set up a couple of vocational training centres on modern lines to promote export potential of furniture. Similarly a Flora Common Facility Centre would be set up in collaboration with Punjab government near Lahore while an Irradiation Facility in Karachi to promote floricultural exports.

To promote export of herbal medicines, fifty percent of cost of registration of herbal medicines abroad would be picked up by the government. There will be a special focus on promotion of various activities related to the Prime Minister’s programme of “one village one product” with a view to promoting export of handicrafts.

The export policy announced by the present government for the current year 2008-09 is aimed at poverty alleviation, value addition, compliance with international standards, reduction in cost of doing business and diversification of products and markets.-SANA

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Omer Azam

Omer Azam is Social Media Marketer, very active on propeller; he is very much interested in International Politics.

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