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Govt to do all for promoting chemical industry: Razak

ISLAMABAD: Commerce Minister Abdul Razak Dawood said on Saturday that the government would take all measures to promote the chemical industry and exploit its potential for increasing country's exports.

"Chemical industry can play a vital role in socio-economic uplift of the country as its development would not only create jobs but would also enhance the exports of the country", he said while addressing a meeting here regarding promotion of chemcial industry in the country.

He said there existed a lot of potential in the country for the promotion of chemcial industry and the government would react immediately to exploit it as a result of decisions reached in this regard.

"The government would take into consideration the genuine demands and grievances of chemcial industry so as to redress these by taking suitable measures", he added.

Razak said the government "believes in an open, transparent and consistent system" so as to frame viable policies for taking off the country's export.

The minister referred to his recent visit to Iraq in connection with the 7th session of the Pak-Iraq joint ministerial commission and termed it very successful. "Iraq has shown interest in purchasing 25,000 tonnes rice and 2,000 tractors", he said. He said that it is a significant development in Pak-Iraq relations after a lapse of three years.

Representatives from various chemical industries stressed the need for taking tangible steps for promotion of the industry. They urged the government to take measures for the restoration of the lost confidence of the investors restructuring of tariff, development of local technology, manpower, infrastructure and encouragement of industries based on local raw material.

They also said that studies should be carried out in various sectors of chemical industry so as to prepare feasibility reports about local and international markets scenario for convenience of investors.

SUB-COMMITTEES

They demanded continuation of policies for a minimum of five years as well as exemption of duty on import of machinery not manufactured locally.

Seven sub-committees were formed for formulation of recommendations on various subjects, including tariff, technology and manpower, local development of plants and spares, feed-stocks and raw material, market development, enviornmental management and infrastructure.

The meeting was attended by representatives of chambers of commerce & industry, and various sectors of chemical industry besides high officials of the ministry of industries & production, BoI and expert advisory cell. APP