Industrial development imperative for economic uplift: Dawood

• PM’s aide says Pakistan’s economic situation is not as bad as being portrayed by some quarters

ISLAMABAD: Adviser to Prime Minister on Commerce Abdul Razak Dawood on Tuesday termed projects like Allama Iqbal Industrial City “imperative for industrial development” in the country.

Talking to Faisalabad Industrial Estate Development and Management Company (FIEDMC) Chairman Mian Kashif Ashfaq during a meeting in Lahore, the adviser lauded the services of FIEDMC, saying the company would help the industry generate economic activities by attracting foreign and local investors besides enhancing volume to exports to meet the challenges of trade deficit. FIEDMC Chief Operating Officer Aamir Saleemi was also present on the occasion.

Dawood said Pakistan’s exports surged by 7pc as production line had gone up despite difficult environment.

“The trade gap is narrowing down as exports are showing a steady trajectory while imports got reduced by $4 billion and overall current account deficit also improved,” he added.

He said that the situation on the economic front was not as bad as being portrayed by some quarters, adding that the government was taking appropriate measures to stabilise the economy.

He informed that in term of quantity, the exports of garments went up by 29pc, cement by 25pc, basmati rice 21pc and footwear 26pc in the current fiscal year.

Dawood said that the government provided subsidy to export-oriented sector on electricity and gas and it would be continued in the coming year as well.

FIEDMC Chief Mian Kashif Ashfaq, while unfolding the distinctive features of Allama Iqbal Industrial City to the adviser, said the project would house as many as 400 industries besides giving employment to 2,500,00 people. He said approximately Rs400 billion foreign and local investments would be pumped into this project, development of which was being carried out on a fast track basis.

He said FIDEMC always provided state of the art facilities to its customers and resolved their issues through a one-window operation system. He said the confidence of the investors was being restored after completion of the M3 project.

Mian Kashif said that Prime Minister Imran Khan has changed the image of the country within a short span of time. “Pakistan, which suffered huge economic losses during the last 20 years due to militancy and war against terror, has now come out as a progressive new country under Imran’s leadership,” he maintained.