Planning and Development Commission (P&D) Deputy Chairman Dr Akram Sheikh, has finalised the draft 'Export Plan Pakistan' (EPP). According to him the plan would incorporate the views of the Ministry of Commerce, Ministry of Industries, Production and Special Initiatives, and the Ministry of Textile Industry.
Dr Akram Sheikh has developed the EPP and hope that this plan would guarantee availability of legal and administrative infrastructure for rapid export growth.
Prime Minister Shaukat Aziz has approved all measures and incentives proposed in the EPP so that the country can achieve its desired results.
The EPP will be executed to enhance the current exports-to-GDP ratio from 13 percent to 15 percent of GDP or $16.5 billion to $45 billion by 2013.
It has been estimated that at present, the GDP stands at $128.90 billion with export to GDP ration of 13 percent which will be growing and is expected to reach at $288.70 billion with exports to GDP ration of 15 percent by year 2013.
This plan would help develop Pakistan's export base to expand and be competitive in the international market and provide a sound base for the development of exports in short, medium and long-term.
The exports will improve with Annual Compound Growth Rate (ACGR) percentages under the Export Plan for Pakistan 2006-2013.
The textile and garment sector's exports are projected to increase from $9.98 billion in the fiscal year 2006 to $24.36 billion by fiscal year 2013 with ACGR 14 percent per annum.
Leather and leather products had fetched $1.09 billion last fiscal year, which would be increased to $2.26 billion with annual ACGR of 11percent. Carpets, rugs and tapestry which currently are at $250 million will increase to $370 million with 6 percent ACGR.
Furniture which is at $10 million is expected to reach to 500 million with annual growth rate of 75 percent and gems and jewelry is at $20 million, will rise to $690 million with 12 percent ACGR.