ISLAMABAD: Adviser to Prime Minister on Commerce and Textile, Industries and Production and Investment, Razak Dawood said that expansion of industrial base was the need of the hour for industrial growth, competitive import substitution, export enhancement, employment generation and revenue generation.
Addressing the business delegation, Razak Dawood said by introducing, business reforms Pakistan was boosting its industrial and commercial potential as government s focusing on higher exports through tariff rationalization, attracting trade related investment, undertaking institutional reforms and documentation economy and easing out of business regulations.
The Adviser underlined that it was imperative to enhance industrial base for the revitalization of economy and industrial growth, said a statement issued by Ministry of Commerce here.
The government was working out a policy paradigm for upwards growth of manufacturing sector in general and LSM in particular.
For this, he said, the government was developing an Industrial Policy, focusing on areas which would assist the industrial sector in improving its growth by effective allocation of resources.
He further informed that government was also eying on opportunity of the industrial relocation in the wake of US-China trade war.
As a result, Global Value Chains (GVCs) of major industries including textile were being disrupted and we could capitalize the situation through realignment of the GVCs with our industrial hub, he stressed. He said cost of doing business was also a key factor in performance of LSM in Pakistan.
He said according to the World Bank, Pakistan has advanced 11 places to 136th place on the ease of doing business global ranking.
This year the ranking was set to improve furthermore. The reforms of the past year covered the doing business areas of Starting a Business, Registering Property and Resolving Insolvency, he added.
Razak said at the national level, various measures had been introduced for enhancing productivity and trade in Pakistan: Duties on raw materials had been lessened.
