Prime Minister Shehbaz Sharif remarked on Wednesday that the Export Development Fund was not properly utilized to enhance the country’s economic and industrial production capacities.
The PM presided over a review meeting regarding the country’s trade sector. The meeting examined the recommendations of the sub-group on reforms in customs duty and the trade sector.
He directed that strict monitoring be ensured at the border for the collection of customs duties on bilateral and transit trade goods. He added that the National Tariff Policy approved by the government is a revolutionary step.
The Prime Minister noted that for decades, the Export Development Fund had not been used for research and training while emphasizing that identifying challenges is essential for boosting national industrial output and trade.
He said reducing the production cost of industrial goods through effective measures is a key government priority. He added that the National Tariff Policy promotes industrial production and enhances competitiveness in markets.
A sub-working group consisting of business representatives briefed the Prime Minister on issues related to customs and tax collection. Federal ministers Muhammad Aurangzeb, Attaullah Tarar, Musadik Malik, Awais Leghari, and other officials also attended the meeting.
