Caretaker Federal Minister for Commerce, Industries and Production Dr. Gohar Ejaz, Thursday, reiterating the government’s commitment to economic revival said that measures envisaged by the Special Investment Facilitation Council would start a new phase of industrialization in the country, reported 24NewsHD TV channel.
The minister was chairing a meeting with a delegation of the business community having representation of agriculture, textile, engineering and other sectors.
The delegation was informed about the priorities of the government and the role and efforts of SIFC for the economic revival of the country.
Dr. Gohar Ejaz speaking at the occasion said that SIFC was working vigorously with countries of Gulf Cooperation Council and China and inflow of huge foreign investment was expected in Pakistan that would promote industry and exports and bolster employment opportunities in the country.
Pakistan possess a vast potential of trade at regional and global level but despite of population of 250 million volume of its economy is $ 350 billion while trade volume is near $ 100 billion, he noted and stressed on the need of enhancing trade to strengthen the economy on sustainable basis and taking prompt and comprehensive measures for the purpose.
China is not only our iron friend but also a major trade partner and Pakistani businessmen needed to explore trade opportunities in China and further promote bilateral trade, he added.
The minister said that Karachi is the economic hub of the country that drives the national economy while China, Saudi Arabia, Kuwait and many other countries expressed keen interest in making investments in Karachi.
He said that the government has planned to open the Garment City and a new industrial estate and also to set up a new
Special Economic Zone and an Export Processing Zone in the metropolis with a vision of instituting innovative trends of industrialization through the promotion of small industries.
SIFC has become a continuous and progressive institution and it will work with new assemblies and government following upcoming general elections to ensure sustainability and continuity of the policies, Dr. Gohar Ejaz assured.
Referring to energy costs for industries the minister said that currently electricity tariff in Pakistan was higher than the world while the gas tariff was lower than the global prices.
“We are working to rationalize the energy prices in the country to ensure uniformity in electricity tariff,” he said adding that the country’s natural gas deposits were depleting fast and LNG mix has become vital to meet the demand for natural gas.