LAHORE: The Institute of Certified Management Accountants (ICMA) has released a comprehensive roadmap to revitalize Pakistan’s industrial sector.
The roadmap outlines a ten-year plan to address key challenges, including energy crises, outdated technology, and a shortage of skilled workers, and boost economic growth through increased manufacturing and exports.
The book “ICMA Roadmap for Developing a Progressive Industrial Policy” was prepared by Research and Publication Department of ICMA. The book was officially launched by Muhammad Yasin, Vice President and Chairman of the Research and Publication at Lahore campus.
The ICMA’s plan also includes recommendations for improving policy coordination and creating a more investor-friendly environment. The ICMA’s industrial policy roadmap is divided into six chapters, each tackling a distinct aspect of Pakistan’s industrial landscape. Chapter 1 delves into the evolution of Pakistan’s industrial policies since 1948, highlighting the transition from import substitution to liberalization and export-oriented growth. Despite initial successes, challenges persist, including infrastructure deficiencies, outdated technology, and a shortage of skilled workers.
Chapter 2 identifies the key challenges facing Pakistan’s manufacturing sector, including power and gas crises, economic downturn, low-capacity utilization, complex tax structures, and regulatory compliance issues. These obstacles collectively hinder the sector’s growth and competitiveness. The ICMA proposes a collaborative approach between the government, private sector, and international stakeholders to overcome these challenges.
In Chapter 3, the ICMA emphasizes the need for a unified firm size definition for all institutions in Pakistan. Discrepancies in definitions by different government institutions hinder policy implementation and support programs. The ICMA proposes a comprehensive definition that considers quantitative and qualitative factors, providing a standardized approach aligned with international standards.
Chapter 4 outlines policy objectives to enhance the growth and development of Pakistan’s industrial sector. These objectives include enhancing the large-scale manufacturing (LSM) sector’s annual growth rate, increasing installed production capacity of renewable energy infrastructure, and boosting exports of the manufacturing sector.
A wide-ranging, long-term action plan for the industrial sector is proposed in Chapter 5. The plan spans ten years and includes strategies to drive economic growth through the manufacturing sector, enhance renewable energy resources, and strengthen the supply chain. The ICMA also proposes the creation of a virtual cluster and digital directory of manufacturing firms to promote an investor-friendly environment.
Copyright Business Recorder, 2025
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