For a developing country like Pakistan, promoting industrialization is the key to accelerate the pace of economic development and government should address all those issues on priority that are impeding the growth of industry in the country.

This was stressed by Islamabad Chamber of Commerce & Industry in its document of recommendations sent to the government for the upcoming National Industrial Policy (NIP), which is expected to be announced on August 14, 2010.

Mr.Zahid Maqbool, President ICCI said that promoting industrialization will create multiple benefits for the economy as its development will raise national income, create more employment opportunities and improve the balance of payments position both by producing exportable goods and by substituting imports.

He said promotion of industry will also support and stimulate development in other sectors of the economy. He said self-reliance should be the principal aim of industrial policy as our import bill is a big drain on the national exchequer.  He said that public-private partnership should be encouraged to play the leading role in the industrialization of the country.

It was underscored that energy crises, lack of uninterrupted energy supply, very high power tariffs, high mark up, law and order situation and rising cost of doing business were some of the major elements hampering the growth of industry in the country.
 
Therefore, government should urgently address these problems and reform banking and energy policies by simplifying & modernizing them to make industrialization viable in the country. It was said that the existing policy of banks is focused more on profits instead of facilitating industrialization and this approach should be changed to facilitate new investment in industrial sector.

Mr.Zahid Maqbool said that industrial policy should also focus on the development of infrastructure and more industrial estates & zones/cottage villages with state-of-the-art supporting facilities, laboratories, human resource development centers for skill manpower and other required facilities to the industry.