Industrial sector development must for country's economic progress: PM
Business
Industrial sector development must for country's economic progress
ISLAMABAD (Dunya News) – Prime Minister Imran Khan on Friday said that since the development of industrial sector was essential for the country’s economic progress, the government was taking steps to achieve that on priority basis.
It was for the first time that a policy of Small and Medium Enterprises (SMEs) was introduced in the country, he said and added that due to government’s successful policies, the wheels of industry continued to turn during the COVID-19 pandemic.
The Prime Minister was presiding over a high level meeting on the development of industrial sector in the country. Federal Ministers Shaukat Tarin, Asad Umar, Khusro Bakhtiar, Hammad Azhar, Governor State Bank Reza Baqir and senior officers attended the meeting.
The meeting was briefed in detail about the current capacity of industrial sector and the future strategy for its development. It was told that owing to government’s business-friendly policies, the country’s industrial sector achieved a lot of progress despite the COVID-19 pandemic, which was also evident from the running of textile industry to its full capacity.
The meeting was further told that government’s package for the development of construction sector not only brought about economic improvement but also helped create ample job opportunities in the country.
It was told that the government was focusing on enhancing the share of manufacturing sector in the country’s Gross Domestic Product (GDP) to 25 percent from the current 12.5 percent.
Besides the provision of jobs in the country, the development of manufacturing sector will help improve the overall state of economy.
The meeting was further told that the government has formulated a comprehensive strategy for boosting the existing capacity of industries, reviving the sick units, encouraging investment in IT, plant and machinery and enhancing foreign investment. The strategy was being implemented on priority basis.
Besides, it was told that measures were also being taken to enhance investment of Overseas Pakistanis and for the development of SMEs in the country.
The Prime Minister directed to take measures to encourage investment in the industrial sector on priority basis.
