Pakistan Plans to Double Seafood Exports, Tax Incentives for Exporters Announced

KARACHI: The government has prepared a plan to double Pakistan’s seafood exports, with tax incentives to be offered to exporters exceeding the prescribed export targets.

Federal Minister for Ports and Shipping Junaid Anwar Chaudhry said the country’s seafood exports, previously standing at around $400 million, exceeded the $500 million target during the last fiscal year.

Speaking to the media, the minister said Pakistan exported seafood worth $563 million during the previous fiscal year. He announced that the government aims to double this figure through value addition and innovation.

He said the government would work with the Marine Fisheries Department to provide incentives to seafood exporters and prepare a comprehensive plan for submission to the Federal Board of Revenue (FBR).

According to the minister, seafood exporters who exceed the prescribed export target will be provided tax relief. The measures will also help curb under-invoicing and increase the inflow of foreign exchange. The incentives will be available to both small and large exporters.

Junaid Anwar Chaudhry said the government was also working on establishing multipurpose terminals at the ports and stressed the need for greater value addition in the seafood sector. He said workers and fishermen would also need training to improve seafood exports.

The minister praised private-sector initiatives in the sector and urged businesses to work with the government to promote the industry. He said the Marine Fisheries Department was also providing training to young fishermen.

He warned that outdated fishing methods were damaging marine life and said the government was launching a pilot project to artificially increase the population of small fish in the sea.

Regarding tuna exports, the minister said Pakistan has a quota of 25,000 tonnes and that value-added, canned tuna can fetch prices 10 to 20 times higher than the raw product. He added that the government had abolished sales tax on large fishing trawlers to encourage deep-sea fishing.

The federal minister said a new seafood export target would be announced later this month. He also noted that vessel traffic at Gwadar Port had increased.

He said Karachi’s ports faced pressure during the recent Middle East crisis but successfully managed the situation. The government is using various marketing strategies to increase transshipment, while port charges have also been reduced to improve competitiveness.

Junaid Anwar Chaudhry further said that no seafood consignment had been rejected by the European market during the past four years.

He maintained that modernization of the fishing sector should not come at the expense of poor fishermen, saying the government could not simply ban old boats without providing alternatives and would not allow fishermen to lose their livelihoods.