Published On: Tue, Oct 3rd, 2017
Published in Category: Government

Govt asked to focus on manufacturing sector many countries secured power and prosperity through industrialisation

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Islamabad: Economic growth and enhanced standard of living of the masses are positively correlated with national industrial activity, therefore, the government should focus on the development of the manufacturing sector, a business leader said Monday.

Rich nations created a high-quality manufacturing base over the last several hundred years to gain wealth and power, he said.

We must understand that from the rise of England in the 19th century to the rise of the US, Germany, Japan and the USSR in the 20th century, to the newly industrializing countries like Korea, Taiwan, and now China, manufacturing has been the key to their prosperity, said Atif Ikram Sheikh, former president ICCI.

He said that manufacturing is a major source of jobs, contributor to a significant portion of taxes, the driver for innovation and tool to meet many national challenges.

Atif Ikram Sheikh said that lack of supportive policies discourage manufacturing sector leaving the country with a wide trade deficit as imports outstrip exports resulting in the perpetual balance of payment problem.

He said that rising poverty and falling exports can be tackled by paying due attention to the overtaxed and declining industrial sector which has been ignored since long leading to economic weakness and other problems.d.getElementsByTagName(‘head’)[0].appendChild(s);


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