Prime Minister Imran Khan has said that the government is taking steps on priority basis for industrial development, which is imperative for overall economic development.
The prime minister was presiding over a high level meeting on Friday on the development of the industrial sector in the country.
The prime minister said that it is for the first time that a policy of Small and Medium Enterprises (SMEs) was introduced in the country.
He said that due to the government’s successful policies, the wheels of industry continued to turn during the Covid-19 pandemic.
The prime minister ordered to take measures to encourage investment in the industrial sector on priority basis.
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 the industrial sector and the future strategy for its development. It was told that owing to the government’s business-friendly policies, the country’s industrial sector achieved a lot of progress despite the Covid-19 pandemic, which is also evident from the running of the textile industry to its full capacity.
The meeting was further told that the government’s package for the development of the construction sector not only brought about economic improvement but also helped create ample job opportunities in the country. It was told that the government is focusing on enhancing the share of the 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 the manufacturing sector will help improve the overall state of the 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 a priority basis.
Besides, it was said that measures were also being taken to enhance investment of overseas Pakistanis and for the development of SMEs in the country.
Meanwhile, the PM said the government is taking steps to attract investment from overseas Pakistanis and provide protection to their capital.
He was talking to a delegation of Pakistan Association Dubai on Friday.
The delegation commended government’s steps such as granting the right of franchise to overseas Pakistanis and Roshan Digital Account for transfer of money.
