August 28, 2015

August 28, 2015 (PPI-OT)

Following is the text of press note issued by Press Information Department (PID)

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The second meeting of the Cabinet Sub-Committee on Production and Export was held here Friday. Finance Minister, Senator Mohammad Ishaq Dar chaired the meeting. The Finance Minister at the outset of the meeting underscored the need for identifying and undertaking urgent measures to boost production and exports.

The relevant ministries were directed to immediately finalize their short term targets with corresponding action plans for presentation to the Committee in its next meeting. In continuation of the proceedings of the previous meeting Ministry of Commerce presented the final version of the Strategic Trade Policy Framework (STFP) 2015-18.

The Committee was briefed that short term measures will have product and market focus to attain results in short term. The meeting was informed that the plan of action has been put into a state of readiness and as soon as the Policy is approved, its implementation will be carried out immediately. The Finance Minister while endorsing in principle, proposals included in STPF 2015-18, directed Ministry of Commerce to solicit final approval from the Prime Minister.

The meeting also took stock of the critical issues confronting the agriculture sector including production constraints, commodity pricing, regulatory framework and input costs. The Committee directed Ministry of National Food Security and Research to come up with proposals in consultation with Provincial Governments and relevant federal ministries and present to the Committee in the next meeting.

The State Bank of Pakistan (SBP) gave a briefing to the Committee on export led growth models focusing on Malaysia, South Korea, Turkey and Singapore. It was noted that value addition, diversification, technology and Research and Development (R and D), ease of doing business were key elements to boost exports.

It was also highlighted by the SBP that key constraints on this score currently being faced by Pakistan related to lack of R and D and technology initiatives, concentration in traditional products, limited resource availability, fragmentation and inadequate investment in the infrastructure etc. The Finance Minister while appreciating the SBPs presentation desired that the “Committee on Ease of Doing Business in Pakistan” may hold its meeting immediately and present recommendations at the earliest.

Members of the Committee including Minister for Commerce, Khurram Dastagir Khan, Minister for Planning and Development and Reforms, Ahsan Iqbal, Minister for National Food Security and Research, Sikandar Hayat Bosan as well as Parliamentary Secretary for Finance attended the meeting. Secretaries of Finance, Industries and Production, Commerce, National Food Security and Research, Chief Statistician, Member FBR and other senior officers of relevant ministries were also present.

For more information, contact:Haji Ahmed MalikPrincipal Information OfficerPress Information Department (PID)Tel: +92-51-9252323 and +92-51-9252324Fax: +92-51-9252325 and +92-51-9252326Email: piopid@gmail.com

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