Senate Body proposes Diversification, low cost inputs for Industrial Growth

Senate Standing Committee on Commerce and Textile Industry on Wednesday proposed market diversification and provision of cheap inputs for industrial growth to enhance the country’s exports. In the meeting the committee stressed to evolve comprehensive trade and industrial policy for introducing innovation and skill development for industrial growth in the country.

The committee meeting was held under the chairmanship of Senator Syed Shibli Faraz for reviewing situation of country’s trade and commerce at Parliament House here. The committee also proposed reforms in Pakistan Bureau of Statistics (PBS) to maintain reliable data for enhancing the country’s trade. Chief Executive, Pakistan Business Council (PBC) Ahsan Malik while briefing the committee highlighted different issues and challenges faced by country’s trade sector.

He gave suggestions to evolve comprehensive industrial and energy policy for economic growth and prosperity in the country. Ahsan Malik also proposed to review the Free Trade Agreement (FTA) signed with different countries to protect the local industry. President, Federation of Pakistan Chamber of Commerce and Industry (FPCCI) Zubair F. Tufail urged to reduce prices of the inputs for industry to provide competitiveness.

He said that Prime Minister Export Enhancement Package would play major role for industrial growth and to enhance country’s exports. Secretary Commerce and Textiles Industry, Muhammad Younas Dhaga informed the committee that during the negotiation on Free Trade Agreement (FTA) with different countries including Thailand, Turkey and China, the ministry involved all the stakeholders to evolve consensus for final agreement. Committee Chairman, Syed Shibli Faraz stressed the need for revolutionizing the local industry with adoption of modern techniques in order to produce competitive products.

Senator Ilyas Ahmed Bilour, Muhammad Usman Khan Kakar, Mufti Abdul Sattar, representatives from chamber of commerce and officials of Ministry of Commerce and government institutions participated in the meeting.