The recently announced trade policy also envisages a number of steps for the growth of Small and Medium Enterprises (SMEs), which will contribute a lot to achieve the set exports target of $17 billion for the fiscal year 2005-06.
Noorani said sectors including marble and granite, poultry and meat, gems and jewellery, horticulture and pharmaceutical have significant export potential.
"To exploit prospects fully, it was necessary to provide incentives for investment," he added.
The government in the budget for 2005-06 has allowed the import of machinery with zero-rated customs duty and sales tax for (i) marble and granite, (ii) poultry and meat, (iii) gems and jewellery, (iv) horticulture, (v) pharmaceutical sectors, he said.
"To encourage export of leather garments, it has been decided that exporters may send 100 samples in a year as against 50 samples allowed earlier," he added.
Noorani said as the gems and jewellery have considerable export potential, a package has been devised to facilitate and promote this sector.
Presently, exporters are required to export jewellery made from imported gold within a period of 90 days, he said, adding the limit has now been extended to 240 days.
Noorani said a Valuation Committee is functioning for the clearance of gems and jewellery before export.
A scheme is being finalised in consultation with State Bank, Pakistan Bankers Associations, commercial banks and jewellery exporters whereby exporters will import gold by utilising financing from private banks under a collateral arrangement.
He said it has been decided to declare this sector as an industry to enable producers to have easy access to credit and benefits in utility rates and taxes.
Footwear sector, being labour intensive, has good potential in Pakistan, he said, adding, it has further been decided that Footwear Development Centres will be set up by the Footwear Association, at Lahore and Karachi with the financial assistance from Export Development Fund (EDF).