CPEC SEZs to boost industrialization in Pakistan: Industries Minister

Islamabad: Federal Minister for Industries and Production Makhdum Khusro Bakhtyar has said the Special Economic Zones (SEZs) under the China-Pakistan Economic Corridor (CPEC) will boost industrialization in Pakistan.

Speaking at a workshop on sectoral reform agenda on industrialization, exports, and investment in partnership with the Revenue Mobilisation, Investment and Trade Programme (REMIT), he mentioned the key role of the CPEC SEZs in the future of the country.

Commenting on industrialization process in Pakistan, he highlighted the development of industrial zones, industrial corridors, SEZs and different value chains.

He added that recent approach of creating manufacturing-based industrial parks across the Pakistan and allocation of lands on basis of plug and play model would boost the manufacturing sector of Pakistan.

The minister emphasized the salient features of National Small and Medium Enterprises (SMEs) Policy to provide much needed support to SMEs countrywide.

The main purpose of workshop was to develop inter-ministerial synergy for formulation of National Industrial Policy with a view to promote Inclusive and Sustainable Industrial Development (ISID) and shape a collective vision for sustainable economic growth in Pakistan.

In his keynote speech, Khusro Bakhtyar spoke about the successful policy initiatives launched by current government in past 3 years to promote domestic production, exports and to generate employment in order to stimulate overall growth of economy despite COVID Pandemic.

He contended that “the developments were being seen as a major positive for Pakistan as localization of auto parts has increased to 45% and we are aiming to increase it up to 65% in coming years.”

Similarly, he said, local manufacturing of mobiles has resulted in production of 22.12 million phones in Pakistan within the first year of regime introduction. He also highlighted the salient features of National SME Policy to provide much needed support to SMEs countrywide.

While explaining the core reason of economic meltdown, he claimed that early deindustrialization in Pakistan due to incoherent economic policies of previous governments led towards declined manufacturing base which has proved detrimental to job creation in country over the years.

He stressed that with growing population and 64 pc of the young population base below the age of 30 years, we need to increase GDP share of manufacturing sector from 14 percent to 25 percent to create employment opportunities for our youth.

Finance Minister Shaukat Tareen shed light on historical background of deindustrialization in Pakistan. He underscored the diversification of exportable basket and increasing manufacturing as well as agriculture output to take the country out of chronic issue pertaining balance of payment.

Advisor to PM on Climate Change Amin Aslam underlined the importance of introducing green technology and energy efficiencies in manufacturing sector.

Deputy Chairman Planning Commission Jahanzeb Khan highlighted the key areas of 3 years of rolling growth plan focusing on job-intensive growth approach.

Chairman Board of Investment (BOI) Azhfar Ahsan laid stress on simplified regulatory regime in Pakistan to foster investment and feasible environment for cross sectoral businesses in the county.

The workshop also included Ministerial preparation on industrial development sector, investment, growth model and business growth opportunities in Pakistan.

Federal Minister of Industries and Production Makhdum Khusro Bakhtyar, Federal Minister of Finance and Revenue Shaukat Fayyaz Tareen, Advisor to PM on Climate Change Amin Aslam, Chairman BoI Muhammad Azfar Ahsan and Chairman Deputy Planning Commission, Jahanzeb Khan were the keynote speakers.