Finance Minister Stresses on Diversification of Exportable Goods and Increase in Manufacturing

Finance Minister Shaukat Tarin Thursday highlighted the need for diversification of exportable goods and increase in manufacturing during a workshop on sectoral reform agenda on industrialization, exports, and investment. The minister shed light on the historical background of deindustrialization in Pakistan. He emphasized on diversification of exportable basket and increasing manufacturing as well as agriculture output to take the country out of chronic issues pertaining to the balance of payment. Speaking on the occasion, Adviser to Prime Minister on Climate Change Malik Amin Aslam underlined the importance of introducing green technology and energy efficiencies in the manufacturing sector. Deputy Chairman Planning Commission highlighted the key areas of three years of rolling growth plan focusing on job-intensive growth approach. Chairman Board of Investment (BoI) Azhfar Ahsan laid stress on a simplified regulatory regime to foster investment and a feasible environment for cross-sectoral businesses in the county. The workshop was conducted by the Ministry of Industries and Production in partnership with the Revenue Mobilisation, Investment and Trade Programme (REMIT). REMIT is a flagship Foreign, Commonwealth and Development Office (FCDO) economic development programme, and one of FCDO’s first bilateral economic development investments in Pakistan. The main purpose of the workshop was to develop inter-ministerial synergy for the formulation of National Industrial Policy to promote Inclusive and Sustainable Industrial Development (ISID) and shape a collective vision for sustainable economic growth in Pakistan. The workshop also included ministerial preparation on the industrial development sector, investment, growth model and business growth opportunities in Pakistan. It was followed by group discussions on binding constraints on issues such as export diversification, tariff rationalization, infrastructure development, industrialization approach in the country.