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Wednesday, May 22, 2024

Abdul Razak Dawood: Pakistan’s industry is progressing towards industrialization

Prime Minister Imran Khan's adviser of Commerce and Investment Abdul Razak Dawood has said that Pakistan is progressing towards industrialization

Adviser to Prime Minister Imran Khan on Commerce and Investment Abdul Razak Dawood has said that Pakistan’s industries are running close to full capacity. He explained that this is a sure sign of the country’s progression to industrialization.

In an interview with The News, he said that the process to expand the industrial capacity and potential has resulted from policies that the government had deliberately put in place. The increase in the machinery being imported into the country, he said, is also a sign of the increasing industrial capacity of the country.  

“This means that the country, which was two years ago on the mode of de-industrialization, is now on its way to industrialization,” he claimed.

Government has provided Rs 100 billion worth TERF

“The government has provided Rs100 billion worth TERF (temporary economic refinance facility) to the business community for import of machinery to achieve sustainable industrialization,” Abdul Razak Dawood said.

“And in a welcoming development, many industrialists have started importing machinery under that initiative. Under the said facility, the business community’s liquidity is available at a 5% interest rate. The industrialists can avail the TERF initiative till March 31, 2021.”

“And more importantly, exports in services have also increased by 46% in five months of the current financial year. The exports to the US, UK, and Australia have soared by 16% each in the first five months and to Korea by 15%. The exports to ASEAN courtiers and Africa are also on the rise,” he told the publication.

Read more: “Remarkable turnaround” in economy despite Covid-19: PM Khan

The cotton production has alarmingly gone down this year to 7 million bales from 14 million bales, which cannot cater to the textile industry’s requirement.

According to the report, Prime Minister Imran Khan has geared up special efforts to focus on increasing the cotton yield next time, and the government is on its toes to regain the target of 14 million cotton bales so that the maximum potential of the textile sector could be exploited.

After the 18th Amendment, the commerce adviser said the required emphasis on the agriculture sector was not given. The farmers’ community is sick of the low-quality seeds and pesticides, causing low productivity.

Read more: Will the resumption of IMF program harm or help the economy?

On Tuesday, Prime Minister Imran Khan shared “great news on the economy” despite the novel coronavirus pandemic.

“MashaAllah, despite COVID-19 great news on the economy,” he wrote in a tweet. “Remarkable turnaround. The premier said Pakistan’s current account surplus in November was $447 million, raising the cumulative surplus for the year to $1.6 billion.”

For the same period last year, the country faced a deficit of $1.7 billion. “State Bank of Pakistan’s foreign exchange reserves have risen to about $13 billion – highest in three years,” he added.

GVS News Desk