Pakistan to boost industrial activities with foreign investments

Islamabad: The Pakistani government will provide protection to local industry and take necessary steps to reinvigorate all industrial sectors and ensure export-led growth by seeking foreign investments, said Abdul Razak Dawood, adviser to the Prime Minister on commerce, industry and investment on Sunday.

Local Urdu TV channel ARY News quoted the adviser as saying that the deindustrialization situation was a major and alarming challenge for Pakistan, a situation which had decreased the country’s revenue and increased the number of unemployed people, reports Xinhua news agency.

“The government will provide full protection to the investments to promote export-led growth strategy that would attract investors to establish more export-based industries in the country,” said the adviser.

According to the reports, the Ministry of Commerce and Ministry of Finance were all set to launch a new national tariff policy for the next three years to remove duties for all imported raw material and to reduce duties to facilitate exporters in a bid to bring about transparency and determine actual global prices.

The adviser said that foreign investment would be invited mainly for cement plants, naphtha cracker plants and in the power production, engineering, chemical, information technology and other sectors.