President Islamabad Chamber of Commerce & Industry (ICCI) Muhammad Ahmed Waheed has said that pharmaceutical industry has the potential to boost exports of billions of dollars and government should focus on resolving its key issues that would help in improving country’s exports.
He said this while addressing a delegation of Kahuta Industrial Triangle, Islamabad led by Nasir M. Qureshi, senior member of ICCI and a pharma industrialist that visited Chamber House on Saturday. Mian Akram Farid, Ch. Waheed ud Din, Mian Shaukat Masud, Shaukat Hayat Khan, Haji Humayun, Humayun Latif, Fida Butt, Iftikhar Anwar Sethi, Naeem Siddiqui and others were also present at the occasion.
Muhammad Ahmed Waheed said that despite decline in Pakistan’s exports, pharma industry’s exports have witnessed significant growth during the last five years. He said that pharmaceuticals exports have improved from around US$ 200 billion in 2012-13 to over US$ 250 million by 2018-19 and if government removed all hurdles in the way of its growth, its exports could cross $1 billion mark.
The ICCI President said that pharma industry was importing more than 90 percent raw material which was main hurdle in its better growth. He said that government should offer special incentives to investors for setting up industrial units to produce pharma raw material in the country that would go a long way in promoting exports of pharmaceutical products.
Muhammad Ahmed Waheed said that government should also reduce duties and taxes on the import of pharma technology and machinery that would help in upgrading this important industry. He said that Kahuta Industrial Triangle needed close attention of CDA and MCI for redress of its problems and assured the delegation that ICCI would fully cooperate in resolving their key issues for better growth of business activities.
Speaking at the occasion, Nasir M. Qureshi, head of the delegation said that CDA has not done any development work in Kahuta Industrial Triangle for the last many years due to which the roads broken, sewerage system was in pathetic condition, street lights were not working and other required facilities were lacking in the industrial area.
Nasir M. Qureshi urged that CDA and MCI should pay urgent attention and start development works in the Kahuta Industrial Triangle to facilitate the growth of industrial activities. He emphasized that government should give priority to addressing the key issues of pharma industry and provide them an enabling environment in order to boost exports that would help in early economic revival of the country.