The potential of growth and development of a country is linked  to  the  extent  of  investment,  urbanization and industrialization, the  revival of  the Pakistan  economy hinges on  the performance of  its  industry  and  its forward  and  backward  linkages.

The continued dismal performance in industrial growth in Pakistan does not augur well for the future, therefore it is imperative to develop an Industrial Policy which is implementable and has the ingredients to provide the much needed impetus to manufacturing and exports, this was stated by Mohammad Tauseef Zaman, Vice President Islamabad Chamber of Commerce & Industry (ICCI) while addressing a business community at ICCI.

He said that the industrial  policy  should  aimed  at  designing  concrete  solutions  to  meet  the  emerging challenges  which  stem  from  the  gradual  erosion  of the country’s industrial competitiveness in an increasingly open and specialized trading environment.

ICCI Vice President said countries like China, Korea, Taiwan, Malaysia and Singapore have emerged as industrialized nations only because they accorded a high priority to the development of industrial sector. He cited the example of China; it has overtaken Japan as the world’s second highest economy because it has enjoyed a manufacturing boom and the subsequent expansion of its domestic industries and infrastructure.

He was reacting to the reports that the economic state of affairs, business environment and other factors, in 139 countries places Pakistan at 123rd position. Pakistan’s ranking is worsening at an alarming speed, he opinioned.

Adil Anees, Vice President ICCI said that Pakistan should attempt to reduce its foreign dependency through import substitution industrialization and obtaining economies of scale of production which will strengthen and stabilize the State.

Zaman said that creating a strong industrial base is necessary in Pakistan through improved physical infrastructure and increased productivity among manufacturing firms. By recognizing the need for infrastructure among industry the government should launch more projects that will be benefiting the economy and the public at large.