Growth of industrial sector vital for economy: Dawood

By Business Reporter

KARACHI: A major challenge faced by the country is to stop the deindustrialization situation which is alarming and must be reversed. It is an onerous task but it is not impossible. The industrial base needs to be reinvigorated. The government has focused itself on a doable export-led growth strategy that would attract investors to establish more export based industries. The government is working to remove duties for all imported raw material and reduce the Regulatory Duties. I assure you that the government would ensure and provide all protection to the industries so that the engines of economy continue ticking. This was stated by Abdul Razak Dawood, Advisor to Prime Minister for Commerce, Textile, Investment, Industries and Production at a Business Meeting with CEOs hosted by Employers Federation of Pakistan.

Addressing a select gathering of 70 CEOs and top businessmen, Dawood further disclosed that the Commerce and Finance Ministries have developed the National Tariff Policy that would have a three-year duty structure so that the ad hoc syndrome of fixation of duties would end once and for all. This Policy would go a long way in instilling confidence in trade and industry and would bring about transparency, determine actual global prices, and reduce corruption and evasion. The Advisor to Prime Minister disclosed that on 4th November, a large Chinese Buyers Expo is being held in China and that Pakistan has been given the status of Guest of Honor. He advised the business community to take advantage of this and participate in the Expo where Pakistan has been given two strategic stalls. He further advised that Pakistani exporters must study and determine what products could be exported to China.


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