Pakistan’s industries moving towards expansion owing to govt policies says Azhar
- Azhar was of the view that owing to measures taken by the incumbent government and institutions, the country was able to convert the COVID-19 crisis into an opportunity.
Minister for Industries & Production Hammad Azhar has said that due to government measures Pakistan’s Large Scale Manufacturing (LSM) sector is growing despite the ongoing coronavirus pandemic, and the industries are looking for expansion.
“For the past 60 to 70 years, we have had the problem that our investment and saving rate has been quite low. A lot of our expenditure by both households and businesses is on consumption and not on investment, which leaves little space for our industrial and capital base” said the minister, while talking to a private channel.
Azhar was of the view that owing to measures taken by the incumbent government and institutions, the country was able to convert the COVID-19 crisis into an opportunity.
“The government introduced a number of packages this year, including industrial and energy relief package, SBPs TERF package, we issued refunds and deferred payments of companies. All these measures resulted that despite COVID-19 pandemic, our Large Scale Manufacturing (LSM) is growing even faster than in pre-COVID period,” informed Azhar.
“The good news is that we are now not talking about capacity utilization anymore, but expansion due to these packages,” he said. Azhar said that the country’s production would increase only if new factories are established, leading to an increase in wealth and employment generation.
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