ISLAMABAD – The Economic Coordination Committee (ECC) of the Cabinet has approved an extension of Prime Minister’s Export Package for the next three years.
The decision was taken at an ECC meeting chaired by Prime Minister Shahid Khaqan Abbasi in Islamabad on Wednesday.
The Prime Minister’s Export Package has vitally contributed towards the turnaround in exports in Financial Year 2018, which had been continuously declining since Financial Year 2014.
During the first 10 months of the current financial year, the exports have registered an increase of 14 percent compared with the corresponding period of the previous year.
In order to improve competitiveness and incentivize investment in export-oriented production, the ECC decided to extend Drawback of Local Taxes and Levies, on the same terms and conditions, for the commercial and manufacturer-exporters.
Besides, electric fans and other appliances, electrical equipment and cables, transport equipment leather products, stationery, furniture, fresh fruits and vegetables, and meat and meat preparations have also been included in the package.
The extension of the Prime Minister’s Export Package for the value-added and non-traditional products and non-traditional markets for a period of three years will provide predictability to local and foreign investors to invest in export-oriented production capacities.
These components of the exports package are estimated to provide competitiveness benefits of around Rs 65 billion annually to the export sector.