Govt to announce a comprehensive industrial policy for economic growth

Govt-to-announce-a-comprehensive-industrial-policy-economic-growth
Govt to announce a comprehensive industrial policy for economic growth

Focusing on austerity measure to achieve revenue, the government announced a comprehensive industrial policy for economic growth

The industrial policy is expected to create an enabling environment that would encourage innovation widely.

Update from the Prime Minister’s Adviser:

Adviser to the Prime Minister for Commerce and Investment Abdul Razak Dawood said:

“The broad outlines of the draft will be shared by end December or early January next year, whereas the policywill be announced by June 2019.”

He briefed about the planned industrial policy and its impact to encourage exports of engineering products from the country.

So far Pakistan has no industrial policy which has resulted in a lack of predictability for the sector.

Earlier story:

A draft policy had been evolved by the Planning Commission in 2009 but later discarded. Another draft National Industrial Policy (NIP) was approved in May 2011 but the government had kept the policy on the back burner.

Also Check: Pakistan Economy | Foreign Direct Investment Reaches The 5-Month High

The proposed policy is going to encourage investments:

Mr. Dawood said that the proposed industrial policy will encourage investments in the country, especially the export-oriented sectors.

Pakistan cannot improve its investments only by the support of the textile sector, but an industrial policy is a must thing.

He elaborated that Pakistan has a great potential for exports of electronic appliances and motor vehicles, but is not exporting from these two sectors.

“Exports of tractors to Mozambique and Zambia have been started. Our next target is to export motorcycles and electronic appliances from the country, he added.

Exports of Cement:

Pakistan is currently exporting 5 million tonnes cement and this figure will be enhanced to 20 million tonnes, by 2023.

Govt-to-announce-a-comprehensive-industrial-policy-economic-growth
Govt to announce a comprehensive industrial policy for economic growth

The main focus of the proposed policy:

The PM’s Adviser said that the main focus of the policy is to offer long-term predictable incentives for investors and promote exports from the country.

“Duty structure on raw material will be corrected,” the Adviser assured.

He said that the reduction of rupee will give strength to export proceeds and the exporters will benefit from it. However, the rupee is now stabilized, he added.

Officials to leave for China to further discuss the matter:

Two high officials of the Ministry of Commerce will leave for China to work out details with the Chinese officials regarding market access, the Advisor told.

The government is working on a policy that will offer ‘on-arrival’ visa to 55 countries. However, the facility will not be linked with a reciprocal offer from identified countries.

We will take the summary to the Cabinet early next year for approval,”

the Adviser said, adding the country’s security agencies will also be taken on board on the issue.

The Adviser showed his displeasure over the performance of the export sector as imports are going down and the trade gap is decreasing, this will be more pronounced in the coming months, he said.

Talking about the exports of humans, he said that the government is considering various proposals to facilitate exports of skilled labor to developed countries, an available quota of 100,000 labor exports to Qatar will be availed completely.

 

Source: Dawn

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