Adviser to prime minister on commerce, Abdul Razzak Dawood said on Saturday that inflation was taking place globally, not just in Pakistan.
Addressing a ceremony in Lahore, Dawood stressed that in order to curtail inflation all departments would need to work together. Dawood added that steps were being taken to bring Pakistan’s economy on the right path and the government was taking decisions which would bring results.
The prime minister’s adviser further said that government institutions operating in a loss would need to become profitable, warning of privatization if they failed to do so. According to Dawood, the government would not take any steps which would not be beneficial to people. “Imran Khan’s vision is to provide relief to people but this will take time.” Dawood added that in the last five years industries closed in Pakistan and exports fell, however, former finance minister Ishaq Dar failed to take notice. He said past governments had concealed facts from people. “We do not want to be included in the list of importing nations and have to take care of our industries,” Dawood said.
Dawood informed that tractors were now being built in Pakistan and exported to African countries. Earlier this week, the Bureau of Statistics said Pakistan’s consumer price inflation eased in April to 8.82 per cent on an annual basis from 9.41 per cent in March.
Earlier, he said that the second phase of China-Pakistan Free Trade Agreement (FTA) was a great opportunity to benefit from. He said this while addressing a seminar on ‘Business Opportunities under China-Pakistan Free Trade Agreement’ held at Expo Centre here.
He said, “In July, he will visit Japan, where he will hold talks about Pakistan getting access to Japanese market. Efforts will also be made to access the Korean market.” Abdul Razak Dawood said that Indonesia had given 20 tariff lines, which would be duty-free. He said a facility of safeguard measures was also available under the FTA to provide protection to local industry from any threats.
Industrial development was vital for increasing exports, he said adding that the industry was heading towards betterment and there was a need to widen our product range. The advisor said the process for making an industrial policy was under way and prudent policies would help excel in the world market in an efficient way.
Joint Secretary Shafiq gave detailed presentation on China-Pakistan FTA and briefed about the gains of its Phase-II. Federal Commerce Secretary Sardar Ahmed Nawaz Sukhera was also present.
