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EAC to prepare long-term industrial, investment policies

JAVED MEHMOOD

ISLAMABAD: To jack up industrial and investment activities in the country the Experts Advisory Cell of the Ministry of Industries and Production decided on Tuesday to hammer out a long-term Industrial Policy with a particular focus on the competitiveness and viability of the industrial sector, official sources said.

The Cell, which met here on Tuesday under the Chairmanship of Abdul Razak Dawood, Minister for Commerce, Industries and Production, invited suggestions from the participants for the development of long-term vision for the industrial sectors, especially textile, software, chemicals and engineering.

The policy is to be framed in view of tariff policy, competitiveness, fiscal policy and the implication of related economic policies on each sector/sub-sector.

However, the participants of the meeting agreed that such a policy should provide a clear vision at least for five years to the businessmen and facilitate investment in the country.

Main items on the agenda of the meeting were reorganisation and revitalisation of Ministry of Industries and Production, Industrial Policy, role of Board of Investment and future export strategies.

The Federal Minister informed the Export Advisory Cell that the Ministry of Industries and Production needed to be restructured to meet the challenges of the globalisation of the economy. He also stressed that consistency in economic policies and provision of level playing field were the basic requirements of a growth-oriented industrial sector.

Dawood admitted that the Ministry of Industries and Production has become fairly weak over the years due to transfer of its major functions to other ministries and departments.

However, he said, with the return of Smeda, BoI, the Ministry would be strengthened and revitalised.

He identified sector specialists in the area of textile, chemical, agro-based industries, engineering, automobiles, housing and construction to lead the working groups for the development of industrial policy in the respective areas.

These groups are expected to come up with sectoral industrial plans to be prepared in the light of overall mission of the Ministry of Industries and Production.