Govt focusing on enhancing productivity by reviving industries and improving agriculture sector with China’s help: Shaukat Tarin

Islamabad: Minister for Finance and Revenue Shaukat Tarin has said that the government was focusing on enhancing productivity by reviving industries and improving the agriculture sector with the help of China.

“We would like to consolidate our industrial sector and attract foreign investment in key industries. China will move its part of industrial units in Pakistan’s special economic zones that will generate more jobs opportunities in the country,” he stated in an interview.

The minister informed that China had planned to shift up to 85 million jobs to foreign countries in next 10 years. “We have requested Chinese leadership to move at least 10 million jobs to Pakistan by relocating its key industrial units to special economic zones in the country,” he added.

The Finance Minister maintained that China would increase imports from Pakistan that will also improve productivity and generate more opportunities for jobs in the country.

“The Chinese move will be helping us to create 1.5 million to two million jobs annually in next five years, he said adding that it would be a game-changer for Pakistan, whose 60 percent population was under the age of 30,” he mentioned.

The Finance Minister remarked that Prime Minister Imran Khan had successful meetings with Chinese President Xi Jinping and Premier Li Keqiang last month and they promised to resolve Pakistan’s economic problems.

He claimed that Pakistan economy was on a growth path as agriculture, industries and services sectors were performing well, but this super cycle was putting pressure on prices and causing unrest and frustration among the masses.

He observed that commodity prices in international markets were on the rise and the government was making all-out efforts to minimize its impact on common man.

“Crude prices crossed US $100 a barrel while edible oil also traded in the high territory,” he underscored adding that government had reduced petroleum development levy to a minimum and introduced stringent measures to absorb price shocks of the super cycle.

The minister contended that the prices would drastically come down in coming months after freezing petrol rates and electricity tariff at present levels until June.

Shaukat Tarin underlined that the Pakistani rupee was stable and should trade in present range with some normal fluctuations against the US Dollar and other major currencies.

He said that economy was on the right track to post an inclusive and sustainable growth up to 05 percent during current fiscal year that would help get rid on the International Monetary Fund (IMF).

“We don’t need the IMF if we achieve sustainable growth of six percent. I don’t think we need another IMF program once we complete the ongoing extended fund facility (EFF) in September,” he predicted.