CPEC all about industrial revolution in Pakistan: PM’s aide on CPEC

Islamabad: Special Assistant to the Prime Minister (SPAM) Imran Khan on China-Pakistan Economic Corridor (CPEC) Khalid Mansoor said on Wednesday afternoon that CPEC was all about industrial revolution in Pakistan.

“Under the CPEC so far US $13 billion projects mainly power, infrastructure development, and Gwadar port have been completed, while US $12 billion projects under CPEC are in the pipeline, which mostly cover industrial development and others,” he remarked while addressing 1st Pharma Export Summit and Awards-2021 (PESA) here. The event was organised by Pakistan Pharmaceutical Manufacturers’ Association (PPMA).

Mansoor highlighted that CPEC was now entering phase-II, which would focus on industrial cooperation between Pakistan and China. “In this phase of the CPEC special economic zones would be completed, which would help grow overall economy,” he maintained.

The SAPM urged that pharmaceutical industry should take the advantage of the CPEC Special Economic Zones (SEZs).

Speaking on the occasion, Advisor to the Prime Minister on Commerce and Investment Abdul Razak Dawood mentioned that the government was striving to raise annual pharmaceutical exports to US $5 billion in next four year by extending incentives as well as ensuring ease of doing business for the industry.

“The government is especially focusing to increase pharmaceutical exports through tariff rationalisation, trade-related investment, institutional reforms, and easing of business regulations,” he indicated.

Dawood informed that the government had set an export target of US $38 billion for the current fiscal year in consultations with the relevant stakeholders.

The Adviser was optimistic that the industries and farmers would play their part in achieving the export target. “More tariff rationalisation will be done in the next budget in order to facilitate different industries including the farmers,” he added.

Dawood said the “made in Pakistan” marketing drive by the Ministry of Commerce was aimed at promoting Pakistani products in new markets, which would greatly help increase the volume of pharmaceutical sector exports.

He stated that the government was committed to provide an environment that was conducive to all the segments of the economy and would leave no stone unturned in removing the obstacles hindering pharmaceutical sector’s growth.

Kaiser Waheed, Chairman PESA, said some years back the government was not even considering the sector as an industry, however, over the past 20 years the local industry started growing now they have 70 percent market share.

In 2000 the country was exporting just US $9 million pharmaceutical products but now exports have crossed US $250 million mark, Waheed added.

Tauqeerul Haq, Chiarman PPMA, said in 2020 the pharmaceutical industry was valued at around US $3.2 billion, which, ten years ago, in 2011 was at around US $1.64 billion.

“The industry can expand to US $5 billion within next few years.” Haq recalled that this industry had recorded a 24 percent growth in first quarter of the current fiscal year as it exported products worth over US $68 million.