Govt to facilitate boosting pharmaceutical exports up to $5 billion
ISLAMABAD: Adviser to the Prime Minister on Commerce Abdul Razak Dawood said the government was committed to removing all the obstacles in way of enhancing pharmaceutical exports up to US $5 billion.
Special focus was also being laid on increasing the exports volume through tariff rationalization, trade related investment, institutional reforms and easing of business regulations, the Adviser said this while addressing that 5th Pharma Summit organized by the Pakistan Pharmaceutical Manufacturers’ Association (PPMA) here.
He went on to say that regulatory system was also being made easy for growing the pharma sector in the country.
He said textile was leading export of the country, but now new sectors including pharma were identified which could enhance the country’s exports.
He said pharma industry was very important for development and strategy was being developed to reform it for enhancing exports.
Abdul Razak Dawood said African countries have around 1.3 billion populations with $ 2.7 trillion Gross Domestic Product (GDP) and the government also wanted to double country’s trade with them during the next five years.
He urged the pharma sector to look towards African countries for capturing their markets.
The adviser said revitalizing the exports of the pharma sector was one of the government’s priorities to boost country’s foreign exchange reserves.
A special pharmaceutical export promotion committee has also been set up to encourage production and exports of medicines and medical products, he added.
He called upon the pharma industry to come forward in order to enhance the current volume of over $ 300 million exports to over $ 3 billion. – APP