February 04, 2022: Federal Minister for Industries and Production Makhdum Khusro Bakhtyar has urged the senior officials of his ministry to chalk out a framework to connect the competitiveness of SMEs to LSM in upcoming industrial policy, a press release said today.
Chairing the preliminary meeting of industrial policy today, he said that the new industrial policy would be a focus on the enhancement of local production, an increase in value-added exports, and import substitution to ease the chronic problem of trade deficit and spur industrialization to promote jobs in the country.
The meeting was attended by Secretary Industries and Production and senior officials of the Ministry. The consultants of the Asian Development Bank and UK-FCDO (Foreign Commonwealth and Development Office) for industrial policy formulation were also present at the meeting.
The consultants briefed the meeting on key thematic areas and fundamental metrics of the upcoming Industrial Policy.
The Minister laid the stress to improve the manufacturing base of defining industrial sectors including textile, steel, light-engineering, pharmaceuticals, food processing, petrochemicals, fertilizers, pink/rock salt, and cement at the level of global competitiveness and productive diversity to harness the global export market.
The Minister said that we had launched a holistic National SME Policy which would be beneficial for the growth of small businesses and industrial units while creating massive opportunities for employment. He added that we need to chalk out the framework to connect the competitiveness of SMEs to LSM in upcoming industrial policy.
At the conclusion, the Minister directed the senior officials of the Ministry of Industries and Production to initiate a consultation with stakeholders for an inclusive industrial policy.