Industrialist urges Govt to announce long-term policy for manufacturing sector

Renowned industrial Muhammad Ali Tabba, Chief Executive Officer (CEO) of Lucky Cement has urged the government to announce a long-term policy for the manufacturing sector.

Talking to a private news channel, the businessman was of the view that the country’s manufacturing sector has potential, along with the textile sector, to earn $40 billion for Pakistan in the coming 4-5 years.

Lucky Cement CEO informed that the cement sales have estimated a record growth to 5.7Mt, increasing from 4.4Mt in September 2020, witnessing an MoM growth of 29.5 percent which comes at the back of an increase in domestic and export demand as well as the picking up of momentum in Pakistan's economy.

Tabba said that the smart lockdown policy announced by the government alongside a series of measures announced by the State Bank of Pakistan (SBP) amid the coronavirus pandemic including short- and long-term financial support offered helped the country’s cement industry to sustained the impact of COVID-19.

The incumbent government of Pakistan Tehreek-e-Insaf (PTI) also announced a special package targeting the construction sector.

Despite the economic volatility due to the pandemic, the industrialist remain optimistic and was of the view that growth potential exists in all sectors as the government’s policies are conducive for their development and progress, besides some challenges on energy and agriculture sectors.