Upgrade technology to compete globally, PM advises industry

Admits conditions are not ideal, assures manufacturers of govt support

LAHORE: Prime Minister Shahid Khaqan Abbasi advised the industrial sector on Saturday to upgrade its technological base in order to enhance global competitiveness.

Appreciating the latest technology introduced by Fast Cables, he said the establishment of an aluminium alloy plant in Lahore was a good omen for the country’s economy.

He admitted that conditions for the manufacturing sector were not ideal, but the government was sincerely making efforts to facilitate manufacturing.

Claiming that the government had resolved the power crisis, he said 10,400 megawatts of electricity and 1.2 billion cubic feet of gas had been added to the system. “Industrial activities have accelerated as a result of these efforts,” the PM remarked.

He said the issue of high cost of doing business was being efficiently addressed by improving governance and enhancing the tax base, adding several strategies could be adopted to reduce input costs. The prime minister also praised manufacturers who continued to run their businesses despite reduced margins in manufacturing compared to trading and real estate.

“The manufacturing sector provides respectable and permanent jobs that are badly needed in the country,” Abbasi said, emphasising that manufacturing would be more profitable if industries upgraded their processes to reduce costs.

He also assured them that their future needs had been kept in mind by the government by starting electricity projects with “capacities of thousands of megawatts”.

“We are planning much beyond elections for the future of the country,” he said, adding the government was trying to bring all political parties on the same page as far as the economy was concerned.

He said the economy was now in a growth mode and the GDP growth would exceed 5.6% this year and 6% next year.

He hoped that the next elected government would continue the economic policies to keep investor confidence high.

Published in The Express Tribune, March 25^th, 2018.

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