ISLAMABAD: By introducing business reforms in the country, the government intends to boost its industrial and commercial potential, said Adviser to Prime Minister on Commerce Abdul Razak Dawood, adding that the government remains committed to increasing the volume of exports through tariff rationalisation, improving the inflow of trade-related investment and introducing institutional reforms to ensure documentation of economy and ease of business regulations.
Addressing a business delegation on Tuesday, the adviser underlined, “In order to revitalise the economy and industrial growth, it is imperative to enhance the industrial base of the country.”
He further emphasised that the expansion of the industrial base would also ensure import substitution, export enhancement, employment and revenue generation.
“The government is working out a policy paradigm for the upward growth of the manufacturing sector in general and large-scale manufacturing (LSM) industry in particular,” he maintained. “For this, the government is developing an Industrial Policy which will ensure effective allocation of resources for industrial growth.”
The PM’s aide said the government is also focusing on opportunities that would arise from industrial relocations in the wake of US-China trade war.
“Owing to the escalation in US-China trade tensions, the global value chains (GVCs) of major industries, including textile, are being disrupted and we can capitalize on this by realigning the GVCs with our industrial hub,” he stressed.
Dawood noted that the cost of doing business is a key factor in the performance of LSM industry. Quoting a World Bank report, he said Pakistan had advanced 11 places to 136th place on the global ease of doing business ranking last year.
“The ranking will improve further this year.”
He informed that last year’s reforms helped address various issues pertaining to insolvency, registration of properties and facilitation of new startups.
“At the national level, various measures have been introduced to enhance trade activities. These include a reduction of duties on raw materials and tariff rationalisation to support the local industries,” he added.