Traders hail initiative for revival of manufacturing sector

PESHAWAR: Members of the business community welcomed the government’s announcement of a new industrial policy for revival of the country’s declining manufacturing sector.

However, they cautioned that without immediate, inclusive, and practical measures, the manufacturing sector— already gasping for survival— may face irreversible collapse.

Traders took a stance that the announcement signals recognition of the crisis, the business community, particularly industrialists, are standing at the edge of despair.

Skyrocketing energy costs, an unpredictable policy environment, insecurity, and a crippling taxation regime have rendered operations unsustainable for many manufacturers, especially small and medium enterprises, the traders said. “Our factories are shutting down, our machines are falling silent, and our workers are being laid off. If this continues, we won’t just lose industrial output—we’ll lose hope,” Sarhad Chamber of Commerce and Industry (SCCI) President Fazal Moqeem Khan said while talking to this scribe.

He expressed serious concern over the consistent decline in the industrial sector’s share in GDP—from 26% in 1996 to just 18% in 2025— calling it not just a number but a reflection of lost jobs, shuttered businesses, and fading confidence in Pakistan’s economic future.

While appreciating the proposed steps such as fiscal incentives, legal reforms, and industrial rehabilitation, Moqeem stressed that without direct and meaningful engagement with stakeholders, including regional chambers, these efforts may once again remain limited to paper. “The policies designed in Islamabad must reflect the ground realities of Faisalabad, Karachi, Peshawar, and Quetta,” he added. “Decisions made without us will not serve us.”

However, Abdul Jalil Jan, a senior vice president of the chamber emphasised that the true revival of industry requires bold political will, structural reforms, and an enabling environment where enterprise is rewarded—not punished.

Shehryar Khan, vice president of the chamber, urged the government to prioritize transparency, predictability, and regional inclusivity in the implementation of this policy.

Reiterating its commitment, the SCCI president pledged full cooperation in any sincere efforts aimed at pulling the country’s industrial sector back from the brink—but warned that time is running out. “We are not asking for fevers; we are demanding our right to survive, contribute, and grow. The economy cannot thrive if its industries are in free fall.”

Copyright Business Recorder, 2025