Karachi: Former Vice President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and former Senior Vice President of the Karachi Chamber of Commerce and Industry (KCCI), Hanif Lakhani, has endorsed Prime Minister Shehbaz Sharif's recent incentive package aimed at bolstering the export industry. Lakhani described the initiative as a critical measure to rejuvenate the nation's manufacturing sector and boost its global standing.
According to Federation of Pakistan Chambers of Commerce and Industry, Lakhani acknowledged that the announcement comes at a crucial juncture, with Pakistan's export sector grappling with significant challenges. Among these is the anticipated Free Trade Agreement (FTA) between India and the European Union, which Pakistani exporters fear could shift international buyers' focus toward India, threatening Pakistan's share in sectors such as textiles, leather, and light engineering.
Lakhani also highlighted the necessity of implementing a zero-percent GST regime, pointing out that the existing tax structure is diminishing exporters' profit margins. Additionally, he called for the creation of a dedicated Export Development Fund to facilitate financial support for exporters in the global market.
Moreover, Lakhani underscored the importance of maintaining the GSP Plus status with the European Union, but cautioned that in light of the India-EU agreement, the GSP Plus alone would not suffice. He urged for more effective and tangible actions to protect and enhance Pakistan's export competitiveness.
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