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Consistent economic policies vital for industrial sector growth: Razak

ISLAMABAD: Consistency in economic policies and provision of level playing field were the basic requirements of a growth-oriented industrial sector, Abdul Razak Dawood, Minister for Commerce, Industries and Production said here on Tuesday.

"A long-term vision for industrial development and economic growth is needed in view of liberalisation of international trade in the years to come," he said while presiding over a meeting here at the Ministry of Industries.

The agenda items for the meeting included reorganisation and revitalisation of Ministry of Industries & Production, industrial policy, role of Board of Investment, and future export strategies.

The minister said that the ministry needed to be restructured to respond to the challenges of globalisation of economy, said an official announcement.

He said that the ministry had become fairly weak over the years due to transfer of its major functions to other ministries and departments.

However, with the return of Smeda, BOI etc. the ministry would be strengthened and revitalised, he observed.

The minister invited views, from the participants, for the development of long-term vision for the industrial sector in the areas of textile, software development, chemicals and engineering.

He also invited suggestions for making the industrial sector competitive to meet the challenges of free international trade.

Sector specialists hailing from the private sector deliberated on the issues faced by the industrial units in general.

During the brain-storming session, it was agreed that the industrial policy should be comprehensive, well-considered and integrated.

The policy should be framed considering tariff policy, competitiveness, fiscal policy and the implication of related economic policies on each sector and sub-sector, the meeting underlined.

It was agreed that such a policy would provide a clear vision for five years to the business people and would facilitate investment.

The minister identified sector specialists in the area of textile, chemical, agro-based industries, engineering, automobiles, housing and construction to lead the working groups.

The working groups would come up with sectoral industrial plans to be prepared in the light of overall mission of ministry of industries and production.

The minister said that he would conduct a separate brain storming session on other sub-sectors such as software development, export promotion etc.

The meeting was attended by chief executive, sector specialists from the private sector and officials from the ministry of industries & production. APP