Participation by more than 100 Chinese companies in Colour and Chem Exhibition lauded

Lahore: Federal Minister for Industries and Production Rana Tanveer Hussain has praised the participation of more than one hundred Chinese companies at the 9th Colour and Chem Exhibition here at the Expo Centre.

He emphasized the government’s commitment to comprehensive reforms in the energy sector to support the growth of agriculture and industry, which are essential pillars of Pakistan’s economic development and being supported by China.

Speaking to journalists, he stressed the importance of increasing exports to stimulate economic activity and accelerate the nation’s development.

The minister highlighted the ongoing restructuring of the Utility Stores Corporation, aiming to transform it into a profitable entity, ensuring that only the deserving population benefits from subsidized essential goods.

The minister underscored the critical role of the agricultural sector in enhancing exports and achieving food self-sufficiency for Pakistan.

He expressed concern over Pakistan’s current export volume of US $30 billion, which he described as insufficient, especially when compared to neighboring countries like India and Bangladesh, whose export figures are significantly higher.

He praised the participation of over one hundred Chinese companies at the Expo, noting their contribution to the introduction of advanced products and technologies in Pakistan.

Highlighting the government’s broader economic agenda, the minister noted that Prime Minister Shehbaz Sharif is focused on reviving Pakistan’s economy, aiming to double the country’s export volume within three years.

Rana Tanveer Hussain pointed out that while Pakistan was once the 24th largest economy in 2017, it has since fallen to around the 40th position. However, he reiterated the government’s ambitious goal of elevating Pakistan into the ranks of the world’s top 20 economies within the next three years.

He acknowledged the challenges posed by the current power tariff and policy rate, which are not conducive to industrial growth, but expressed optimism that the situation would improve in the coming months, especially as inflation has recently declined to 16%.

The minister also mentioned that the chemicals and dye industry has been actively working on proposals to enhance export potential.

He also discussed ongoing discussions with the finance minister and the Federal Board of Revenue (FBR) regarding the high taxes on the tractor industry, expressing hope for a favorable resolution that would benefit farmers and prioritize agriculture.