MULTAN – Federal Secretary for Industries and Production Abdul Ghaffar Soomro said that the draft of the new industrial policy had been finalised in consultation with all chambers of commerce and industry in the country.
While addressing a ceremony at the Multan Chamber of Commerce and Industry (MCCI), the federal secretary revealed that the draft would now be sent to the cabinet for final approval. He said, we are trying to form a policy to give priority to the industries which would have the potential or capability to compete and survive in the international markets.
Soomro said that private sector was being given a leading role in the new industrial policy and it had been decided in principle that the government would no more run businesses. He noted that the country was now a signatory to WTO and hence could not impose high taxes on imported products.
He acknowledged that our industries, which are struggling to survive due to cutthroat competition at the international level, must become strong enough to compete with others. It was also noted that agriculture was the mainstay of the country and its textile sector’s contribution was 70 percent in exports.
However, he pointed out that Bangladesh was earning more than Pakistan from its textile and garments industry despite the fact that Pakistan’s production of cotton was far greater than that of Bangladesh. He claimed it was difficult to drag down the high interest rate because of the effect it would have on inflation, but added that it could be brought down by boosting production levels.
He insisted that the government is doing its level best to overcome the energy crisis. MCCI President Shahid Naseem Khokhar underlined need for infrastructure to be improved in Southern Punjab and for special economic zones to be established to generate more job opportunities. It was suggested that alternate sources of energy like wind, solar, nuclear and coal be utilised to tackle the energy crisis and the high markup rate be brought down to single digit.
Former FPCCI president Tanweer A Sheikh said the government should make concerted efforts to reduce the duties imposed on Pakistani products in foreign countries, especially the United States. Touching on the international trade scenario, he demanded the developed world end subsidies to their dairy and agriculture sectors in accordance with the WTO.
Former MCCI president and Nishtar Hospital Board of Management Chairman Khawaja Jalaluddin Roomi said the government had reduced the interest rate in those parts of Khyber Pakhtunkhwa to single digit figures and appealed that this relaxation also be granted to flood hit areas in Punjab like DG Khan, Muzaffargarh and other hard hit areas.
He also advised the government to promote existing industrial estates instead of establishing new ones and for industrialists to be allowed to set up power plants in the estates. He revealed that the matter relating to the relief in taxes on the export of Pakistani products made of US imported lint to the US markets was in its final stages.
