Govt should deal with these problems on high priority basis because it is indeed an alarming situation for the country
KARACHI: There are many issues that are hindering the industrial sector in Pakistan. To address these key issues, it is very important to have a firm grasp on the history and the way various industries have developed in the country. The government itself is facing a lot of problems in handling industries; no matter what the type and nature of an industry, many are facing common problems which have played a vital role in the overall decline of the industrial culture in our country. The Pakistan Steel Mills and Pakistan International Airlines are one of the biggest examples of this where bad governance and poor management have forced the government to move towards privatising these entities because they are causing huge losses to the exchequer. Besides these two mega organisations, there are other industries which are ready to be privatised by the government.
There are several problems which should be solved on a high priority basis, which includes establishing a stable political and security environment and pro-business fiscal and monetary policies, setting clear objectives for industrial revival and growth strategy, implementing research, development and good governance, working to eliminate the infrastructure deficit that includes road and railways, seaports and power supply, improving productivity and quality, promoting innovation, reducing the cost of capital required to boost investment as well as taking other steps to attract domestic and foreign investment that is required to modernise the textile sector and streamline small and medium enterprises.
The damage caused to our industrial sector has resulted in many industrialists and businessmen shifting their industries from Pakistan to other countries like Bangladesh where they do not have to face huge energy costs. The government should deal with these problems on a high priority basis because it is indeed an alarming situation for the country.
Omaima Arif
Published in The Express Tribune, May 7th, 2015.
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