Industrial policy likely this year

May 09, 2014- DAWN

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KARACHI: Federal Minister for Industries and Production Ghulam Murtaza Khan Jatoi said on Thursday that a five-year industrial policy would likely to be announced this year.

Addressing investors and industrialists at the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), the minister said that the industrial policy would be finalised in consultation with business community.

He further said that the Rs18.5 billion approved for restructuring of Pakistan Steel Mills would help increase its production to 70 per cent in six months.

The minister hoped that LNG arrival from Qatar would start in next 10 months which would help mitigate the chronic energy crisis and ultimately in next four years entire energy related issues would be over.

Jatoi said that the government had planned to establish 1,000 new utility stores out of which 250 would be opened in Sindh. He said that government was striving to boost exports to $60 billion in next couple of years by exploring regional markets.

He assured the FPCCI that sick units would be revived so that they could start contributing towards country’s economic growth.

FPCCI Senior Vice-President Shaukat Ahmed informed the minister said that industrial sector had been contributing up to 20.9pc to GDP, providing jobs to urban and rural population but incoherent policies, feeble infrastructure and severe energy crisis were retarding its growth.

He said that proper arrangements were needed to be made in place for treatment of industrial waste polluting water courses, damaging agriculture lands and making fresh water harmful for human consumption.

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