SIALKOT: President Sialkot Chamber of Commerce and Industry (SCCI) Zahid Latif Malik has stressed the need for setting up “Support Industry” to facilitate industrial sector of the country.
He said that in order to cope with future challenges of industrial sector, the government should encourage the businessmen and investors to invest in Support industry which would ultimately lead to import substitution especially raw material used by the local industry.
He said that export sector of the country heavily relied on import of raw materials especially from China for further value addition and re-exports, adding that the practice adds to the cost of doing business and was a major contributor towards the increasing import bill of the country.
Pakistan had seen many industrial surges where industries were established but no work had ever been done to invest in Support industry to complement the existing manufacturing set up of the country, he was of the opinion.
In this regard, it was suggested that investors both local and foreign investors should be encouraged to invest in support industry like accessories of textile and clothing, printing and packaging, etching and polishing chemicals used in surgical instruments industry and others, Zahid said.
He also stressed the need for carrying out a detailed study by taking all chambers and associations on board for identifying the list of major supporting products which were imported from various countries.
The initiative should also be taken to attract investors including duty free import of equipment for setting up Support Industry, he added.
