Meeting discusses plan for industrial expansion

Govt aims to enhance manufacturing sector’s share in GDP to 25%

ISLAMABAD:

The government is taking steps to boost the development of industrial sector on a priority basis because it is essential for the country’s economic progress, said Prime Minister Imran Khan.

Chairing a meeting on the development of industrial sector on Friday, the PM said that for the first time in history, a policy for small and medium enterprises (SMEs) was introduced in the country.

“Due to successful policies of the government, the wheels of industry have continued to run during the Covid-19 pandemic,” he pointed out.

The meeting was briefed in detail about the current capacity of industrial sector and the future strategy for its expansion.

It was told that owing to the business-friendly initiatives, the sector achieved a lot of progress despite the Covid-19 outbreak, which was also evident from the functioning of textile industry at full capacity.

The meeting was informed that the government’s package for the development of construction industry not only drove economic improvement but also helped create job opportunities.

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% from the current 12.5%.

Besides the provision of jobs, the development of manufacturing sector would help improve the overall state of economy.

The meeting was told that the government had formulated a comprehensive strategy for boosting the existing capacity of industries, reviving sick units, encouraging investment in information technology, plant and machinery and enhancing foreign investment. The strategy was being implemented on a priority basis.

Besides, measures were being taken to encourage overseas Pakistanis to enhance investment and for the development of SMEs in the country.

The prime minister directed meeting participants to take measures to encourage investment in the industrial sector.

Published in The Express Tribune, February 19^th, 2022.

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