Islamabad, February 24, 2022 (PPI-OT):Ministry of Industries and Production held a workshop on sectoral reform agenda on industrialization, exports, and investment in partnership with the Revenue Mobilisation, Investment and Trade Programme (REMIT). REMIT is a flagship FCDO economic development programme, and one of FCDO’s first bilateral economic development investments in Pakistan.

Federal Minister of Industries and Production Makhdum Khusro Bakhtyar, Federal Minister of Finance and Revenue Mr. Shaukat Fayyaz Tareen, Advisor to PM on Climate Change Mr. Amin Aslam, Chairman BoI Muhammad Azfar Ahsan and Chairman Deputy Planning Commission Mr. Jahanzeb Khan were keynote speakers.

The main purpose of workshop was to develop inter-ministerial synergy for formulation of National Industrial Policy with a view to promote Inclusive and Sustainable Industrial Development (ISID) and shape a collective vision for sustainable economic growth in Pakistan. In his keynote speech, Federal Minister for Industries and Production Makhdum Khusro Bakhtyar highlighted the successful policy initiatives launched by current government in past 3 years to promote domestic production, exports and to generate employment in order to stimulate overall growth of economy despite COVID Pandemic.

He said that the developments are being seen as a major positive for Pakistan as localization of auto parts has increased to 45% and we are aiming to increase it up to 65% in coming years. Similarly, local manufacturing of mobiles has resulted in production of 22.12 million phones in Pakistan within the first year of regime introduction. He also highlighted the salient features of National SME Policy to provide much needed support to SMEs countrywide.

While explaining the core reason of economic meltdown, he said that early deindustrialization in Pakistan because of incoherent economic policies of previous governments led towards declined manufacturing base which has proved detrimental to job creation in country over the years.

He emphasized that with growing population and 64 pc of the young population base below the age of 30 years, we need to increase GDP share of manufacturing sector from 14 percent to 25 percent to create employment opportunities for our youth. The Minister said that our main focus while developing new policy is job-creation and productivity-enhancement which will help in improving economic growth and social stability in Pakistan.

Commenting on industrialization process in Pakistan, he said that development of industrial zones, industrial corridors, SEZs and different value chains. He added that recent approach of creating manufacturing-based industrial parks across the Pakistan and allocation of lands on basis of plug and play model would boost the manufacturing sector of Pakistan.

Finance Minister Mr. Shaukat Tareen shed light on historical background of deindustrialization in Pakistan. He emphasized on diversification of exportable basket and increasing manufacturing as well as agriculture output to take the country out of chronic issue pertaining balance of payment.

Advisor to PM on Climate Change Mr. Amin Aslam underlined the importance of introducing green technology and energy efficiencies in manufacturing sector. Deputy Chairman Planning Commission highlighted the key areas of 3 years of rolling growth plan focusing on job-intensive growth approach. Chairman BoI Mr. Azfar Ahsan laid stress on simplified regulatory regime in Pakistan to foster investment and feasible environment for cross sectoral businesses in the county.

The workshop also include Ministerial preparation on industrial development sector, investment, growth model and business growth opportunities in Pakistan. It was followed by group discussions on binding constraints on issues such export diversification, tariff rationalization, infrastructure development, industrialization approach in the country.

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