Raza Khan

In a bid to strengthen industry and to enhance country’s exports, the ministry of commerce has established 10 sectoral councils, according to a report available with WealthPK. These councils have been set up for rice, agricultural and food processing, meat and dairy, sports goods, gem and jewellery, pharmaceuticals and cosmetics, chemicals, textile fiber yarn and fiber, apparel, made-ups and technical textile, and leather and footwear sectors.

According to the ministry of commerce, the purpose of these councils is to devise a strategy for enhancing the production of industry while maintaining export quality and value-addition. The councils would also chalk out a comprehensive plan and business strategy for marketing and sale.

“These advisory bodies will provide a platform for broad-based consensus, ownership and adoption of appropriate policy options for an export-led growth,” the ministry of commerce said in its report.

The report further said that Trade Development Authority of Pakistan (TDAP) will be the secretariat for the newly-established advisory councils. “Each council has elected its chairperson from among its members,” the ministry said.

According to Mohammad Sualeh Faruqui, Secretary Ministry of Commerce, the aim of creating these sectoral councils was to streamline the export-oriented industry and their businesses in the country. He said that Export Development Fund Pakistan has been asked to provide funds to these advisory councils so that they can carry out proper research and homework to fulfill their tasks.

The secretary of commerce said that approval of three more sectoral councils is in final stages. “These include engineering goods, cutlery and surgical instruments, marble, granite and minerals,” Faruqui said. He said that advisory council for services would also be established in near future with special focus on tourism, logistic sector and information technology.

“These councils would identify more room for their industry and sector to enhance exports by finding new markets,” the secretary said.    

According to the ministry of commerce, in order to promote exports of non-traditional products and services to new markets under the Strategic Trade Policy Framework (STPF) 2020-25, many sectors like agriculture, meat, processed food, pharmaceutical, marble, IT, transport and logistics and few others have been identified as development sectors.

According to Pakistan Bureau of Statistics, Pakistan’s total exports in 2021-22 valued at $31.8 billion against $25.3 billion in 2020-21, showing a growth of 25%. Textile sector remained at top among exports sector with exports’ value of $19.32 billion during the last fiscal year as compared to $15.4 billion in 2020-21, with an increase of 25%.

Food group contributed $5.41 billion in the country’s exports in 2021-22 with rice exports making a major chunk valuing at $2.51 billion. Exports of leather goods recorded $621 million in last fiscal year. Other export sectors, which have sectoral councils now, didn’t perform well in exports, except sports goods industry. Sports goods fetched $190 million in 2021-22. 

Credit : Independent News Pakistan-WealthPk