KARACHI:
Reforming the industrial sector is crucial for economic recovery and long-term growth. Perhaps, the government should re-shift focus from agriculture to the manufacturing sector. A stronger and more dynamic industrial sector will allow an increase in the processing and transformation of raw materials into semi-finished and finished products. This will not only increase exports but help reduce dependence on imports.
Policymakers and local industry leaders can work together to identify potential in different regions and form strategies to utilise it. In the past year, Pakistan’s agriculture sector suffered heavily because of the floods. This harmed the economy as well as affected exports. Thus, investment in the industrial sector is important to ensure economic stability. Many developing countries like India and Bangladesh have attracted foreign investment because of their industrial potential and development. These countries are major global exporters of semi-finished and finished goods.
The government should work on improving the transport, energy, and road infrastructure of the country to improve the transportation of goods. All cities should have access to the internet and mobile networks to ensure improved connectivity and communication within and outside Pakistan. In the coming years, Pakistan may face serious climate calamities, which will harm the country’s agriculture sector and push many people towards unemployment. Therefore, timely measures and investment in the industrial sector will help create employment, speed up development, and attract foreign investment.
Ali Zaib Lashari
Larkana
Published in The Express Tribune, April 6th, 2023.
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