Inclusive investor-friendly industrial policy vital for economic revival

LAHORE:Saarc Chamber of Commerce and Industry former President Iftikhar Ali Malik on Sunday urged the government to engage all stakeholders before finalising the new industrial policy, which is aimed at revitalising Pakistan’s manufacturing sector and boosting overall production.

In a statement issued here on Sunday, Iftikhar Ali Malik stressed the importance of comprehensive consultation with chambers of commerce, trade bodies, and industrialists to ensure that the upcoming policy reflects on-ground realities and effectively contributes to national productivity.

He emphasised that the new industrial policy must focus on increasing industrial output, generating employment opportunities, and providing long-term, sustainable solutions to the challenges faced by the manufacturing and SME sectors. Highlighting the major hurdles confronting the industry, he pointed to high energy costs, outdated technologies, a lack of innovation, and inconsistent taxation policies, all of which demand a unified and pragmatic approach in policy formulation.He further noted that a stable and investor-friendly policy framework is essential not only for boosting exports but also for attracting foreign direct investment (FDI) and enhancing economic resilience.

He called for the inclusion of technology transfer, skills development, and environmentally sustainable industrial practices in the new policy blueprint. He added that proactive engagement with the private sector would foster trust, ensure stakeholder ownership, and enhance the effectiveness of the policy. Expressing hope, he said the government must prioritise inclusive economic growth by making industrial revival a central focus of its national economic agenda.