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April 5, 2003
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Saturday
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Safar 2, 1424
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Two free trade zones to be set up
FAISALABAD, April 4: The Ministry of Commerce is actively considering a proposal to set up two Free Trade Zones (FTZs) to boost exports of the country, said Federal Minister for Commerce Humayun Akhtar Khan.
Addressing a function hosted by the Faisalabad Chamber of Commerce and Industry (FCCI) here Thursday night, he said that these zones would be like special economic zones already working successfully in China.
He said that the units established in these zones would produce only exportable goods without paying any tax. “These zones would be set up in Pindi Bhattian and Port Qasim”, he said and added that formal announcement about these projects would be made in next federal budget.
The minister said that Pakistan was also trying to provide direct access to the small and medium exporters to international markets. In this connection, seven warehouses would be set up in London, Russia, US, and Middle East where Pakistani exporters could take their goods instead of making direct shipments to the buyers.
He said that their buyers could see and check these products and purchase directly instead of placing orders and opening Letter of Credit etc. “This arrangement will provide direct access to the small exporters to sell their products in international markets”, he said and added that it will particularly help the carpet exporters.
About sales tax problems, the minister said that President and Prime Minister had constituted a five-member committee to suggest solution to tax problems. He said that in this respect a package would be announced very soon. He said that government was also making efforts to remove the flaws in the DTRE scheme.
He also assured to support the exporters for the purchase of international brand names from the EDF. This would not only ensure sourcing from Pakistan but also force manufacturers to improve the quality of their products.
Earlier in his welcome address FCCI president Mian Amjad Saeed explained in detail the problems being confronted by the businessmen and exporters.—APP
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