Exporters raise alarm over liquidity issues, high costs

May 17, 2024 (MLN): Exporters and business representatives voiced concerns on key issues such as liquidity challenges and high business costs, which were directed to pertinent departments for an immediate response, with feedback required within 24 hours.

According to a press release issued yesterday, these issues were highlighted during a high-level meeting to address pressing concerns in Pakistan's export and business sectors.

On the direction of Prime Minister Shehbaz Sharif, a high-level committee was notified to address issues and challenges faced by the business sector.

Attendees included top exporters, business leaders, the Director General of the Special Investment Facilitation Council (SIFC), Maj. Gen. Tabassum Habib and various ministry representatives from the FBR, finance, industry, maritime and information technology sectors.

The meeting focused on creating actionable solutions by directly engaging with stakeholders and relevant government bodies on matters periodically communicated by chambers of commerce, the Pakistan Business Council (PBC), the business community, and the Trade Development

Authority of Pakistan (TDAP) to the ministry. Minister Jam Kamal Khan stressed the need for high-ranking officials to ensure effective decision-making.

He expressed concern over the absence of the FBR Chairman, SBP Governor, and Secretary of Finance, emphasizing their importance in future meetings.

Key issues included high business costs, an expanded Export Facilitation Scheme (EFS), tax facilitation, industry status recognition, and better management of the Export Processing Zones Authority (EPZA).

Participants also highlighted the lack of a regulatory body for shipping companies, tariff rationalization, infrastructure deficiencies, and security issues.

The minister reiterated the government's commitment to a conducive business environment and referenced Prime Minister Sharif's recent session with business leaders in Karachi, which focused on boosting the economy through exports.

Matters and issues highlighted during the meeting were communicated to the respective departments with directions for action or feedback. The next meeting is scheduled for May 20 for a follow-up.

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