With a view to enhance share of engineering goods and services exports and reduce reliance on traditional sectors in the exports basket, Engineering Development Board has started a series of consultative meetings with stakeholders at various engineering clusters around the country. In this regard a consultative session was organized at National Fertilizer Corporation (NFC) Lahore on 16th and 17th August, 2021 in which manufactures from electrical & power, automotive / auto parts & components, home appliances, cutlery & utensils, pumps and motors, and sanitary and kitchen wares participated. The meeting was chaired by CEO-EDB and participated by senior officials of EDB.
Participants were informed that while globally the engineering sector accounts for approx 56% of international trade in goods and services, unfortunately the engineering sector in Pakistan has not received the same attention and only accounts for a fraction of the country’s exports. In order for Pakistan to reduce or eliminate its negative balance of trade, it is imperative to focus on exports of engineering goods, which have a potential for exponential increase as opposed to traditional, agro-based sectors. They were further informed that for the financial year 2021-22 a target of approx USD 1.8 billion has been given by EDB for exports of engineering goods and services. This is an increase of approx. USD 300 million from the previous financial year.
Participants were informed by EDB about various government schemes for promotion and facilitation of exports and advice solicited on how industry can be further incentivized. The participants highlighted several issues being faced by them in exports and requested for their resolution. They also suggested various measures for further encouraging the engineering goods exporters in this clusters.