SIFC to start new phase of industrialisation: Gohar Ejaz

KARACHI: 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 industrialisation in the country.

The minister expressed the views in a meeting with a delegation of the business community having representation from agriculture, textile, engineering and other sectors, said a press release. The delegation was informed about the priorities of the government and the role and efforts of the SIFC for the economic revival of the country. Gohar Ejaz said that the SIFC was working vigorously with countries of the Gulf Cooperation Council and China and inflow of huge foreign investment was expected in Pakistan that would promote the industry and exports and bolster employment opportunities in the country.

“Pakistan has a vast potential of trade at the regional and global level but despite the population of 250 million the volume of its economy is $ 350 billion while the trade volume is near $ 100 billion,” he noted and stressed the need for enhancing trade to strengthen the economy on a sustainable basis. “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 had planned a 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. “The SIFC has become a continuous and progressive institution and it will work with new assemblies and the government following upcoming general elections to ensure sustainability and continuity of the policies,” he maintained.

Referring to energy costs for industries, the minister said that currently the electricity tariff in Pakistan was higher than the world while the gas tariff was lower than global prices. “We are working to rationalise the energy prices in the country to ensure uniformity in the electricity tariff,” he said, adding that the country’s natural gas deposits were depleting fast and an LNG mix had become vital to meet the demand for natural gas.