Effective policies essential for Pakistan’s economic growth

ISLAMABAD       –       Experts believe that formulating and implementing effective policies can help revive sick industrial units, provide a solid revenue base, boost exports and contribute to long-term economic growth. Talking to WealthPK, Chief Executive Officer of National Productivity Organisation (NPO) Muhammad Alamgir Chaudry said that the agriculture sector had enormous potential to resolve the country’s economic challenges through expanding exports, reducing dependence on imports, and driving growth in other sectors.

“To leverage the potential of the sector, modern farming practices should be prioritised,” he emphasised. According to Raza Abbas Shah, the Chief Executive Officer of Engineering Development Board (EDB), the country’s development was strongly linked with the industrial sector. “A well-integrated vision supported by effective implementation capacity is required to achieve higher industrial growth.” He said uninterrupted supply of raw material, significant investments in machinery and a consistent energy tariff policy were necessary to boost the industry output.

“Pakistan also has huge potential in the service sector as its exports have witnessed an increasing trend over the period from 2013 to 2022. Only the IT and IT-enabled services exports increased by 225% during the period,” he pointed out. Abbas Shah said focusing on diverse sectors would enable Pakistan to boost exports, generate employment and create new avenues of investment.

“The second phase of the China-Pakistan Economic Corridor (CPEC) aims to significantly enhance industrialiation, foster innovation and promote trade openness. The economic zones being set up under CPEC have the potential to become a base for exports to Afghanistan, Central Asia, and beyond,” said Abdullah Shehryar, Executive Commercial Officer of China Road and Bridge Corporation.

Article source: https://www.nation.com.pk/11-Apr-2023/effective-policies-essential-for-pakistan-s-economic-growth