FAISALABAD: Advisor to Prime Minister on Commerce, Textile, Industry & Production and Investment Abdul Razak Dawood on Monday said industrialization through import substitution coupled with export growth through diversification was imperative to put the country on road to progress and prosperity.
Addressing at the Faisalabad Chamber of Commerce and Industry (FCCI), he said during the last decade, many industrial units had been closed down, due to which, Pakistan's export dwindled from US$ 25 to 20 billion.
He said, "Our exports remained restricted to textile, however, we are planning to give a comprehensive industrialization policy, wherein, focus will be on engineering, chemical, IT and agriculture sectors instead of the textile sector alone."
He lamented that Pakistan had developed a culture to import everything irrespective of its manufacturing within the country.
"We must shun this trend and encourage 'Made in Pakistan' culture to give a supporting hand to Pakistani industrial sector," he said.
He said the government would fine tune this policy in the light of the proposals and recommendations made by the private sector.
He asked the business community to make their recommendations so that government could take appropriate measures to promote ease of doing business and cut down cost of doing business.
"We will give a framework for the industrial policy that which industry is of strategic importance and the government have to support it," he remarked.
He said some experts approached him that the development of industrial sector should be left on market mechanism.
"I think, it is not right time as we have to boost our industry which is passing through a tough internal competition with squeezing market," he added.
He cited the example of Japan, Korea, Malaysia, Vietnam and Cambodia and said that they had supported their industrial sector to achieve self-sufficiency.
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