ISLAMABAD, Oct 31: Commerce Minister, Abdul Razak Dawood said on Thursday the development of engineering sector on a sound footing is a must to achieving sustained industrial and economic growth, terming it a potential sector which can significantly augment the country’s annual exports.

“Pakistan was currently getting merely around $270 million per annum out of $6000 billion world’s annual exports in engineering sector,” the Minister said while speaking here at the launching ceremony of Engineering Development Board (EDB) website: “www.engineeringindustry.info”.

Whereas, in textile sector the country was realizing $6 billion per annum exports out of $300 billion’s world market, the Minister said, adding, the colossal difference between the two sectors’ annual exports around the world speaks volume and potential of the engineering sector.

He said the present government focussed on the development of engineering sector during the last three years and has given a road-map by putting in place an engineering vision 2010.

Razak Dawood expressed the hope that the new government will take forward the process put in place by the present government for the development of this vital sector.

The minister cited the countries like Malaysia, Thailand, Indonesia and Singapore who have attained a significant growth in the engineering sector, adding, if Pakistan wants to achieve the same it will have to focus on this sector.

He said the government has already created a level-playing field for the engineering sector by rationalizing the tariff structure in the form of reducing the duties on various raw materials and further steps will be taken in this respect.

The minister said that under the new strategy the establishment of an Exim Bank has been proposed, adding, almost every country has such bank to support its engineering sector.

The proposed Exim Bank will be established by March 2003, he said, adding, the bank will offer credit facilities to the buyers of Pakistani engineering products and machinery, as being practised the worldwide.

Razak Dawood hoped that the country’s exports in engineering sector will achieve a raise of $ 500 million to $ one billion in the coming years due to the incentives provided through the engineering vision 2010.—APP