Federal Government to launch yet another initiative for boosting exports

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Federal Government to launch yet another initiative for boosting exports

The Ministry of Commerce will reduce the tariff on raw materials to steer the economic growth in the country, as per a tweet by the Adviser to the Prime Minister on Commerce and Investment, Abdul Razak Dawood. ------------------------------

His tweet read “Ministry of Commerce always believes that reducing tariffs on raw material results in long-term growth & economic activity, which leads to greater domestic production and growth in exports. A good example is the growth of export of jute products”.

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Razak Dawood said that during Fiscal Year (FY) 2019-20 in 12 months, the export of Jute Sacks, Bags, and Fabrics was $12.57 million.

He explained that in the first six months of FY21, these exports stood at $8.72 million, adding that the number is projected to rise to $17 million for the full year, which will depict an increase of 38 percent compared to the previous fiscal year.

In a separate tweet, the adviser also revealed that the Ministry of Commerce has decided to hold a ‘Silk Route Connect’ conference in Tashkent, Uzbekistan in the upcoming summer.