Economic Health of Country Improving: PM Gilani

Saturday, November 14, 2009 at 2:46 pm

KARACHI, Pakistan: Economic Health of Country Improving: PM Gilani, Prime Minister Syed Yusuf Raza Gilani Saturday said country’s economic health has improved significantly despite international and domestic problems and government was taking effective measures to create an enabling environment for growth of business.

Addressing the 33rd FPCCI export awards ceremony, the prime minister said the government was conscious of the need to further bring down the cost of doing business in Pakistan and necessary steps were being taken on urgent basis.

“The key policy making institutions understand that the only prescription to survive in the existing tough situation is to become more competitive, quality conscious and innovative,” Gilani said.

He said Pakistan’s real GDP growth was likely to remain close to the target of 3.3 per cent during the fiscal year (2009-10) and the foreign exchange reserves have risen from US 6 billion to $14.7 billion.

He said it has led to improvement in Pakistan’s sovereign rating, while remittances from overseas Pakistanis have hit a record mark of $800 million in October 2009.

Gilani said the issues like falling exports competitiveness, lack of sophistication, diversification of products and markets stem from structural weaknesses inherent in the economy and have been addressed through a medium term plan called, “Strategic Trade Policy Framework 2009-12”.

He expressed confidence in the industry, and said the business community has the potential to gear up our economy.

Gilani said Ministry of Commerce as part of initiative has recently provided Rs. 27.3 million from Export Development Fund for opening of FPCCI offices in China and Brussels for better export marketing.

Similarly, the ministry has provided Rs. 9.380 million from Export Development Fund to FPCCI for installation of video conferencing facility at FPCCI offices at Karachi, Lahore, Islamabad, Quetta and Peshawar.

The prime minister said a comprehensive Textile Policy 2009-14 has also been announced to revive the textile sector through Textile Investment Support Fund of Rs. 40 billion.

He said the Strategic Trade Policy Framework (SPTF) provides assurance for continuation of trade policy for three years and the businesses can plan their production and export orders accordingly.

The important policy initiatives under SPTF are certainty for capital cost, reliability of electricity supply at mutually agreed time by the Electricity Distribution Companies and insurance cover for visiting buyers.

The event was attended by Governor Sindh Dr. Ishrat-ul-Ebad Khan, Chief Minister Syed Qaim Ali Shah, Minister for Commerce Makhdoom Amin Fahim, President FPCCI Sultan Ahmad Chawla, CEO TDAP Syed Mohibullah Shah.

Economic Health of Country Improving: PM Gilani

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