Govt to Help Export Industry Import Raw Material: Ishaq Dar

In a bid to extend full support to the export industry, the government has decided to help exporters import raw materials in order to meet their manufacturing requirements.

Finance Minister Ishaq Dar said on Twitter that exporters will be given complete facilitation to meet their export requirements. He tweeted, “Export Industry is one of Highest Priority of our Govt. Five (previously) Zero Rated Export Oriented Sectors & all other Exporters will be given complete facilitation for [the] import of raw material, parts and accessories to meet their export requirements”.

Dar’s promises come almost a week after the Karachi Chamber of Commerce and Industry (KCCI) complained about their lack of access to the finance minister, and how his brand of the controlled exchange rate was expanding the black market.

The Karachi businessmen at the time roundly condemned Dar’s policies, adding that shipments of grains, machinery, chemicals, and foodstuff are stuck, while shipping and port fees are mounting and accumulated demurrages exceed the cost of shipments. The business group criticized the central bank’s recent directive that prioritized import clearance for export-oriented industries below the food and energy sectors.

In the past few months, Dar and his team have held countless meetings on issues related to declining exports and measures to bring it back to a growth trajectory. While the country’s top finance executive has acknowledged (and tweeted) the sector’s immense potential for growth, there is room for work as bottlenecks continue to keep exports below the preferred level.