Lahore: A comprehensive and result-oriented national industrial policy is imperative to accelerate the pace of sustainable industrialization.
Federal Tax Ombudsman's (FTO) Coordinator Saif-ur-Rehman stated this in a meeting with a delegation of industrialists led by Mian Muhammad Azhar Shaukat here on Wednesday.
He added, the policy must prioritize the expansion and diversification of the manufacturing base, support technological up-gradation, and promote value-addition. Key sectors like textiles, automobiles, fertilizers, chemicals, capital goods,steel and food require targeted reforms to enhance productivity and global competitiveness. He was of the view that import substitution should be actively pursued by incentivizing local manufacturing and discouraging the import of finished goods where domestic production is viable.
The Coordinator said that policy must also integrate existing provincial industrial policies, such as the Khyber Pakhtunkhwa Industrial Policy (2020-2030) and Punjab Industrial Policy (2018), to ensure a cohesive national strategy. It should create an enabling environment for innovation and entrepreneurship, focusing on quality control, product design, and adherence to international standards. This approach would not only boost exports but also generate employment opportunities across various skill levels.
Saif-ur-Rehman said that the policy should also address the structural inefficiencies plaguing the industrial sector which includes introducing fiscal incentives to support technological innovation, reducing the cost of doing business, and improving the ease of access to credit for the selected industries. There must also be a focus on fostering public-private partnerships to attract investment and enhance industrial capacity. Encouraging collaboration between academia, research institutions and industries can also play a crucial role in advancing technology and innovation within the sector.
He said that a coherent, pragmatic, and integrated approach to industrial development is no longer an option but an absolute necessity for Pakistan's economic revival and prosperity. Without such a policy, the country risks falling further behind in an increasingly competitive global landscape, squandering its potential for industrial and economic transformation.
While concluding he said prior to framing national policy all stakeholders must be taken on board to make it practically viable on the pattern of advanced and developed countries.