PM Incentive Package Will Prove a New Lifeline for Export Industries, Hanif Lakhani – CustomsNews.pk Daily

Karachi: Former Vice President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and former Senior Vice President of the Karachi Chamber of Commerce and Industry (KCCI), Hanif Lakhani, has welcomed Prime Minister Shehbaz Sharif’s recent incentive package for the export industry. He termed the Prime Minister’s initiative an essential step toward the revival of the country’s manufacturing sector and enhancing its global competitiveness, adding that the package would inject new life into export industries.

Hanif Lakhani stated that the Prime Minister made this announcement at a time when Pakistan’s export sector is facing major challenges, including the expected Free Trade Agreement (FTA) between India and the European Union. Pakistani exporters fear that after this agreement, global buyers may shift their focus toward India, which could severely affect Pakistan’s market share in the textile, leather, and light engineering sectors.

He emphasized that for the export industry to compete at the global level, there is a strong need for a zero-percent GST regime, as the current tax structure is eroding exporters’ profit margins. Hanif Lakhani also stressed the need to establish a dedicated Export Development Fund to provide financial support to exporters in international markets.

Furthermore, he highlighted that maintaining GSP Plus status with the European Union is extremely important. However, he added that after the India-EU agreement, GSP Plus alone will not be sufficient, and Pakistan will need to take more concrete and effective measures to safeguard and expand its export competitiveness.