‘Industrial policy should focus on self-reliance’

ICCI stressed that the promotion of industrialisation is the key to accelerating the pace of economic development.

ISLAMABAD: For a developing country like Pakistan, promotion of industrialisation is the key to accelerating the pace of economic development and the government should address all those issues on priority that are impeding the growth of industry in the country.

This was stressed by the Islamabad Chamber of Commerce and Industry (ICCI) in its recommendations sent to the government for the upcoming National Industrial Policy (NIP), which is expected to be announced on August 14.

ICCI President Zahid Maqbool said that promotion of industrialisation will create multiple benefits for the economy as its development will raise national income, create employment opportunities and improve balance of payments both by producing exportable goods and by substituting imports.

He said the promotion of industry will also support and stimulate development in other sectors of the economy.

He said self-reliance should be the principal aim of industrial policy as the import bill is a big drain on the national exchequer, adding public-private partnership should be encouraged to play a leading role in industrialisation.

It was underscored that energy crisis, lack of uninterrupted energy supply, very high power tariffs, high mark-up, law and order situation and rising cost of doing business were some of the major elements hampering the growth of industry.

Therefore, he said, the government should urgently address these problems and reform banking and energy policies by simplifying and modernising them to make industrialisation viable.

Published in The Express Tribune, August 13^th, 2010.