ISLAMABAD: Islamabad’s leaders play a crucial role in consistently introducing fresh ideas and important viewpoints. For its fifth edition, “Imagineering The Future,” they had invited Dr. Miftah Ismail, the federal minister of finance and revenue, and Sherry Rehman, the federal minister for climate change, as guests of honour.
The Overseas Investors Chamber of Commerce & Industry (OICCI) is a strategic partner with Nutshell Group and Martin Dow, who are co-hosting the summit.
The government is considering aggressively boosting the nation’s exports by offering tax incentives to businesses that could increase their exports by 10% of their output.
Dr. Miftah Ismail, the minister of finance, made this statement on Wednesday at a summit that was hosted at a nearby hotel.
He asserted that the government will offer full support to businesses that have ambitions to export their goods to other nations because doing so is a difficult undertaking that should be viewed as a challenge. Various corporate organisations in Pakistan are doing a great job and making a significant contribution to the economy through taxes and other means, but they spend $200 million annually on imports, which needs to be addressed by increasing our exports, according to him.
“If you create anything, sell it abroad; if you build something, go build somewhere else; if you provide a service, provide it overseas.”
The direction for the promotion of exports should be defined by the country.
Businesses in Pakistan should think beyond the local market to explore foreign markets to enhance their exports through aggressive value-addition. Dr. Ismail insisted on 3 things essential for progress:
- Bring sustainability and technology to the Agriculture
- Educate every child
The budget deficit, which includes the trade deficit and current account deficit simultaneously, can be stabilised by limiting import expenses.
Although the government did not immediately increase exports, it did control imports of non-essential goods, which reduced foreign exchange inflows to the interbank market by $700 to 800 million over the past few months. The government also paid its scheduled debt servicing in the first week of August.
Senator Sherry Rahman, the federal minister in charge of combating climate change, emphasised about the necessity of taking urgent action. According to her, climate change poses a threat to national security because it has a negative impact on infrastructure, supply chains, infrastructure, and people’s precious lives across the nation.
Currently, one-fifth of Pakistan is underwater as a result of the intense monsoon rains that have destroyed much of the country’s infrastructure, particularly in Balochistan and Sindh. We want all corporations to incorporate environmental objectives into their mission statements because Pakistan is at the forefront of the fight against climate change. She stated that serious efforts must be undertaken in order to stop greenwashing.
She added that because climate change is advancing and we need to move at a faster rate to keep up, they are attempting to move the markers for 2050 down to 2030.