Pakistan drafts sweeping industrial policy to cut costs, boost exports

ISLAMABAD: Pakistan is moving to a sweeping industrial policy aimed at slashing production costs, reviving sick units and boosting exports, in a five-year plan that promises cheaper power, contract enforcement and investor-friendly reforms.

The policy, discussed on Thursday at a high-level meeting chaired by Special Assistant to the Prime Minister on Industries and Production Haroon Akhtar Khan, seeks to tackle long-standing bottlenecks by improving credit access, reforming bankruptcy laws and curbing harassment by authorities. A National Industrial Revival Commission will be created to oversee implementation and provide grievance redressal.

The meeting — attended by Finance Minister Muhammad Aurangzeb, Power Minister Sardar Awais Ahmad Khan Leghari, the FBR chairman and the State Bank governor — focused on reducing power costs, expanding green energy, and strengthening transmission networks to lay the groundwork for industrial revival. A National Industrial Revival Commission will be set up to oversee implementation and provide grievance redressal, he said.

To facilitate investors and strengthen confidence, SAPM underscored that contract enforcement would be ensured. Power Minister Leghari said reforms in the energy sector would cut production costs, bolster competitiveness and ease the transition towards green energy.

He stressed that the five-year policy framework aims to put industries on sustainable footing, drive growth and generate jobs.