Economic growth linked to industrial performance: ICCI

ISLAMABAD – The potential of growth and development of a country is linked to the extent of investment, urbanisation and industrialisation, while revival of the Pakistan economy hinges on performance of its industry and its forward and backward linkages. This was stated by Islamabad Chamber of Commerce and Industry (ICCI) Vice President Muhammand Tauseef Zaman, while addressing a business community at ICCI on Saturday.
The continued dismal performance in industrial growth in Pakistan does not augur well for the future, therefore it is imperative to develop an industrial policy which can be implemented and has ingredients to provide the much needed impetus to manufacturing and exports, he said. He claimed that industrial policy should be aimed at designing concrete solutions to meet emerging challenges which stem from gradual erosion of the country’s industrial competitiveness in an increasingly open and specialised trading environment. ICCI vice president said that countries like China, Korea, Taiwan, Malaysia and Singapore have emerged as industrialised nations, only because they accord a high priority to development of industrial sector.
He cited the example of China, who has overtaken Japan as the world’s second highest economy as it has enjoyed a manufacturing boom and subsequent expansion of its domestic industries and infrastructure. He was reacting to reports that economic state of affairs, business environment and other factors, in 139 countries places Pakistan at 123rd position. Pakistan’s ranking is worsening at an alarming speed, he opinioned.
ICCI Vice President Adil Anees said that Pakistan should attempt to reduce its foreign dependency through import substitution, industrialisation and by obtaining economies of scale of production which will strengthen and stabilise the state. Zaman said that creation of a strong industrial base is necessary in Pakistan through improved physical infrastructure and increased productivity among manufacturing firms. By recognising the need for infrastructure among industry, the government should launch greater projects, that will be benefit economy and public at large.