Islamabad, July 30, 2012 (PPI-OT): Islamabad Chamber of Commerce and Industry (ICCI) urged the Government to announce comprehensive Industrial Policy to promote industrial sector and increase overall economic growth.
Government has not given a comprehensive Industrial Policy to the industrial sector despite making repeated commitments during the last four years, therefore Government should announce a proper industrial policy that focus on diversification of the industrial base, Yassar Sakhi Butt, President ICCI made these remarks during a meeting at Chamber House.
ICCI President was of the view that industrial policy should focus on transfer of technology, promotion of value addition, setting up industrial clusters and parks, skill development of manpower, encouraging foreign direct investment, and environmental compliance in industrial sectors.
He said that it is right time to move away from focusing only on few industries and develop other industries also, particularly non-traditional ones like mining, agro-based, fisheries, leather and value-addition industries.
ICCI President said that promoting industrialization would create multiple benefits for the economy as its development would raise national income, create more employment opportunities and improve the balance of payments position both by producing exportable goods and by substituting imports.
Yassar Sakhi Butt said that lack of uninterrupted energy supply, very high power tariffs, high mark up, law and order situation and rising cost of doing business were some of the major elements hampering the growth of industry in the country. Therefore, sustained manufacturing growth target should be the principal aim of comprehensive industrial policy, he added.
He said that for an integrated and comprehensive industrial policy, the local industrial sector should be engaged at all levels and come up with the one that could play its role in industrial growth.
For more information, contact:
Islamabad Chamber of Commerce and Industry
Chamber House, Aiwan-e-Sanat-o-Tijarat Road,
Mauve Area, G-8/1,
Tel: +9251 225 0526 and 225 3145
Fax: +9251 225 2950